Pfizer keeps growing -- and keeps cutting jobs

Well, what do you know: Pfizer (PFE) is cutting more jobs.

Now that the acquisition of Wyeth is complete, the giant drugmaker announced a massive research and development reorganization. This didn't really come as a surprise when two large companies combine operations. Despite the expectation, however, such announcements -- especially when unemployment is running at 10.2% -- can still cause jitters.

Pfizer is calling its reorg a "global research and development network [which] brings together scientific strengths from both companies, continues efforts to increase research productivity, focuses disease-area research in single locations and more efficiently uses the company's real estate."