Drugs giant GlaxoSmithKline is to cut up to a third of jobs at one of its UK research and development sites, it was learned today.
A 90-day consultation has started with workers at the site in Harlow, Essex, which employs 1,150, raising the threat of up to 380 job losses.
The company reported a 12 per cent rise in annual profits last week but stressed the need to reduce costs, reviving fears of big job cuts.
Pre-tax profits for 2009 were £8.73 billion, but the firm announced plans to expand its restructuring programme to deliver another £500 million of savings by 2012.
Chief executive Andrew Witty said last week: "I believe that our strategy is delivering and GSK's long-term prospects are improving."