Genentech is laying off 143 employees in South San Francisco, marking its third round of job cuts in 2024. The layoffs impact a variety of positions, including analysts and engineers, with roles related to AI and machine learning particularly affected. Company spokesperson Nadine Pinell claims this is a strategic workforce planning exercise rather than a cost-cutting measure. Despite its parent company Roche reporting a $16 billion profit last year, the biotech industry, including larger firms like Genentech, has seen an increase in job cuts. Laid-off workers will receive severance and support services.
Genentech's layoffs aren't about cutting costs but are strategic decisions reflecting the evolving needs of the workforce within various functions.
Despite posting a $16 billion profit last year, Genentech continues to make workforce adjustments, indicating a trend beyond just financial needs.
Genentech will provide laid-off workers with severance, benefits, and career support, emphasizing their commitment to minimizing the impact of these layoffs.
With 2,000 open positions at its parent company Roche, Genentech's layoffs occur in a larger context of both strategic shift and ongoing industry job cuts.
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