Where the cuts hit in 2009.
Of the dozens of drug companies worldwide that downsized this year, Pfizer has the dubious distinction of having made the most lay-offs. According to a top ten list compiled by newsletter FiercePharma in Washington DC, Pfizer slashed 19,500 jobs, partly as a consequence of its US$68-billion acquisition of Wyeth. Merck, which purchased Schering-Plough for $41 billion, came second with 16,000 lay-offs. Cost-cutting prompted Johnson & Johnson, in third place, and AstraZeneca, in fourth, to shed 8,900 and 7,400 jobs, respectively. GlaxoSmithKline cut 6,000 and Eli Lilly was sixth with 5,500.
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Canadian and US Financial Sector Stability Differences over Long History: Is There a Unifying Explanation?
SSRN Electronic Journal (2013)