Scoop: After two years topping our annual layoffs lists, Pfizer has dropped to number two with over 10,000 fewer job cuts announced this year. It announced the total 8,480 layoffs in relatively smaller batches: 1,080 in two January announcements, and 7,400 in separate May releases.
After merging with Wyeth, the company found redundancies as it accumulated Wyeth's three dozen sites into the fold with its previous 40. "We have a complex network of manufacturing plants," said President of Manufacturing Nat Ricciardi, "with excess capacity that is not good for costs." And Pfizer found places to cut in New Jersey, Pennsylvania, New York, Puerto Rico, Ireland, the U.K. and Germany. The process isn't nearly completed yet; the layoffs will take effect over the next five years.