Pfizer Cutting 10,000 Jobs

Updated from 12:35 p.m. EST

Pfizer(PFE Quote) said Monday it would cut about 10% of its worldwide workforce by the end of 2008 to create "smaller, more focused and accountable operating units."

Pfizer plans to cut its payroll by about 10,000 people, which includes the approximately 2,200 U.S. sales representatives whose jobs were eliminated in late 2006. Pfizer predicts it will save $1.5 billion to $2 billion annually, adding that it plans to reduce its European sales force by more than 20%.

"We must reduce our absolute costs and put in place a more flexible cost structure," said Jeffrey Kindler, the chairman and CEO. "We need to maximize near- and long-term revenues from our current product portfolio, from our pipeline and from external opportunities." ...