Pfizer announces worldwide job cuts as part of restructure

Pfizer is planning thousands of jobs cuts worldwide as part of a round of cost-cutting as incoming CEO Albert Bourla prepares to take the helm. Bourla has been promoted from his role as the chief operating officer and will replace Ian Read as CEO on 1st January. Pfizer already announced a plan in July to split into three units in a bid to streamline its business, separating its consumer healthcare business that it has unsuccessfully tried to sell. But the company wants to make further cost-savings, and CNBC reported that the company is offering early retirement to US workers ahead of layoffs this year in an internal memo.