Bristol CEO: Job cuts, shutdowns continue

It's a layoffs kind of news day. Bristol-Myers Squibb CEO James Cornelius announced that job cuts have begun at the drug maker, and will continue through year's end and into 2008. Facilities will be shut down, too. 

Cornelius didn't say just how may jobs would be lost, but he indicated that the cuts will hit all areas of the company. "We have begun a significant productivity initiative across all business units," he told analysts during a conference call about the company's third-quarter earnings (which were up 62 percent, incidentally).

- read the story at Smart Money

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