Pfizer Plans NYC Layoffs

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Drugmaker Pfizer confirmed Tuesday that it will relocate or lay off workers in its New York City office. While a company spokesman would not confirm the number of employees affected, Pfizer stressed it will keep its headquarters on 42nd street near Grand Central Station, even as it plans to sell another building on Third Avenue.

If Pfizer cuts more than 450 jobs, officials with the city are reportedly considering trying to recover double the $12 million in tax breaks the drug giant has received. The Pfizer spokesman said the company is committed to working with the city.

The decision to reduce its workforce comes as part of its purchase of rival Wyeth last year.

Pfizer, the world's largest pharmaceutical company, has been in New York for more than 150 years and currently has nearly 4,400 employees in New York City.