BRISTOL-MYERS SQUIBB DOWNSIZING PHARMACEUTICAL GROUP BY 10%

Executive Summary

BRISTOL-MYERS SQUIBB DOWNSIZING PHARMACEUTICAL GROUP BY 10%, or approximately 3,000 of the group's 30,000 employees worldwide. Bristol-Myers Squibb announced Jan. 4 that it is restructuring and realigning its businesses, with the focus mainly on the pharmaceutical sales forces and marketing. The 10% reduction in the Pharmaceutical Group is the brunt of a corporate downsizing that is expected to reduce BMS' employee levels by "approximately 5,000" worldwide "during the next two years," the company said. The Pharmaceutical Group will account for 60% of that 5,000-person cutback.