Bayer axes 6,100 jobs in wake of Schering deal
Germany's Bayer is axing 6,100 jobs as it integrates Schering into the fold. Half of those jobs are being eliminated in Europe with about 1,000 pink slips going out in the U.S. The cuts will hit 2,850 administrative posts, 1,400 R&D positions and 1,850 production jobs.
"We want to create an internationally successful pharmaceutical company with competitive cost structures," Bayer Chief Executive Werner Wenning said in a statement. "We said right from the start of the integration that job cuts would be necessary in order to achieve the synergy targets."