World Economy

GSK to Slash US Jobs

GSK to Slash US JobsGSK to Slash US Jobs

GlaxoSmithKline will this week inform US staff of hundreds of job cuts in its biggest market as the drugmaker starts implementing a major cost-saving program, sources familiar with the matter said on Sunday. Britain’s top drugmaker announced at third-quarter results on Oct. 22 that the new restructuring scheme would save $1.56b in annual costs over three years, but it has yet to tell employees where the axe will fall, Reuters reported. Staff in the United States, where GSK has been struggling with falling sales of respiratory drugs, will be briefed on the changes on Wednesday by the company’s head of North American pharmaceuticals Deirdre Connelly, the sources said.