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Pfizer Layoffs: Company to Offer Early Retirement Deals Ahead of Cuts

Karl Utermohlen

A new round of Pfizer layoffs (NYSE:PFE) has been announced by the pharmaceutical giant as the company is seeking to offer early retirement deals to some of its workers before gearing itself to carry out jobs cuts this year.

Pfizer Layoffs

The company made an internal announcement to its employees regarding the job cuts, although it is unclear how many of its 90,000 global workers it plans on laying off. However, the company said that all of its business units and divisions are likely to lay off its non-union workers, according to company materials that outline the workforce reduction program.

“As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. We are offering enhancements to certain benefits to lessen this effect,” Pfizer spokeswoman Sally Beatty said in an email. The spokesperson said that its workforce will shrink by “a couple percentage points.”

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The email said that the decision to cut its workforce is part of a broader restructuring plan as the company hired a new CEO in Albert Boula, who will take over on Jan.1. “To achieve our full potential we will need to create a simpler and more efficient organization,” the email said.

PFE stock is up about 1.5% on Wednesday afternoon following the news of the layoffs.

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