Submitted by JustLurking on November 10, 2008 - 8:35pm.
Sorry to hear about your wife. Were there any rumors leading up to this, or was it a complete surprise? Either way - it sucks. Biotech/pharma is not looking good these days...
Yes, the rumors were flowing. Also, rumors indicate more to come. The impact to the local economy might not hit until the severance runs out next Spring, then however many months on unemployment benefits. We are targeting next Fall to really feel the "out of money" impact. We are OK, but friends who are the primary earners are not taking it well.
The "rumors" are that jobs are going to a pharma research firm in India.
Noticed the news had the rolling scroll with the news, but that was it. Maybe bad employment news is not important in SD. We think not much is known at this time.
Sorry to hear about your wife...And most likely it sounds like the first wave. Usually, they cut first the support staff, and then it moves up the food chain closer to core biz....
Submitted by SD Realtor on November 10, 2008 - 11:09pm.
Sorry to hear about your wife KTC. My wife has a friend there as well. Ever since those deaths a few months ago AMLN has been taking a beating. That really really hurt thier bottom line.
Submitted by cashflow on November 11, 2008 - 2:34am.
Sorry to hear about your wife. My husband works there as well. Did you see the article last week about one of the big investors in Amylin urging for the company to be sold off?
My husband's group let go of 2 people today as well. I stay at home right now with our young girls, so believe me this is a wake up call.
Submitted by lonestar2000 on November 12, 2008 - 1:43pm.
My sincere and heartfelt condolences for your wife's job loss, it always is a wake up call when it hits so close to home. I'm afraid this is only the beginning and we all have to re-evaluate the possibility of this happening to us. If you don't already have a year's living expenses sitting within easy reach you best get that in order, and fast.
Submitted by capeman on November 13, 2008 - 12:57am.
Quote:
Did you see the article last week about one of the big investors in Amylin urging for the company to be sold off?
I think that is what Amylin is doing by cost-cutting and trying to become profitable. The big hit they just took is mostly on their followon drug needing more trials due to manufacturing issues. They must conserve cash to run the trials. I bet if there is a second wave it is including research but that is just a hunch.
Don't listen to what Carl Icahn says though. He bought into Yahoo for the MSFT buyout and lost big on that one.
Submitted by SD Transplant on November 14, 2008 - 11:30am.
I guess the news related to job losses aren't stopping anytime soon.....I don't know the true local impact of these two companies below, but at the macro level the economy, the impact will get bigger. These are well paying jobs compared to other sectors.
- Sun Microsystems to cut up to 6,000 jobs
- Citigroup to lay off another 10,000 - report
My friend works at a local broker dealer, LPL Financial, which is the largest independent B/D in the country actually, told me they're laying off 10% of their workforce, about 300 people.
Submitted by mixxalot on December 29, 2008 - 7:32pm.
Thats funny about LPL
I actually used to work there as a DBA. They don't pay very well so not surprised they are laying people off now to cut costs. Had to wear a suit and tie to work even though I was in a data center working on servers and never dealt with customers or the public. Glad that I do not have to wear that tie anymore.
Sorry to hear about your wife. Were there any rumors leading up to this, or was it a complete surprise? Either way - it sucks. Biotech/pharma is not looking good these days...
Yes, the rumors were flowing. Also, rumors indicate more to come. The impact to the local economy might not hit until the severance runs out next Spring, then however many months on unemployment benefits. We are targeting next Fall to really feel the "out of money" impact. We are OK, but friends who are the primary earners are not taking it well.
The "rumors" are that jobs are going to a pharma research firm in India.
Noticed the news had the rolling scroll with the news, but that was it. Maybe bad employment news is not important in SD. We think not much is known at this time.
What does your wife do? Are they cutting scientists or support/HR/admin?
Wife worked in support/HR/admin. Also cut quality/ops/legal/IT/corporate development.
Sorry to hear about your wife...And most likely it sounds like the first wave. Usually, they cut first the support staff, and then it moves up the food chain closer to core biz....
It's getting ugly for everyone.
Sorry to hear about your wife. I hope she can find something she likes soon. The bitch of the industry is the FDA.
Sorry to hear about your wife KTC. My wife has a friend there as well. Ever since those deaths a few months ago AMLN has been taking a beating. That really really hurt thier bottom line.
Sorry to hear about your wife. My husband works there as well. Did you see the article last week about one of the big investors in Amylin urging for the company to be sold off?
My husband's group let go of 2 people today as well. I stay at home right now with our young girls, so believe me this is a wake up call.
My sincere and heartfelt condolences for your wife's job loss, it always is a wake up call when it hits so close to home. I'm afraid this is only the beginning and we all have to re-evaluate the possibility of this happening to us. If you don't already have a year's living expenses sitting within easy reach you best get that in order, and fast.
I think that is what Amylin is doing by cost-cutting and trying to become profitable. The big hit they just took is mostly on their followon drug needing more trials due to manufacturing issues. They must conserve cash to run the trials. I bet if there is a second wave it is including research but that is just a hunch.
Don't listen to what Carl Icahn says though. He bought into Yahoo for the MSFT buyout and lost big on that one.
I guess the news related to job losses aren't stopping anytime soon.....I don't know the true local impact of these two companies below, but at the macro level the economy, the impact will get bigger. These are well paying jobs compared to other sectors.
- Sun Microsystems to cut up to 6,000 jobs
- Citigroup to lay off another 10,000 - report
My friend works at a local broker dealer, LPL Financial, which is the largest independent B/D in the country actually, told me they're laying off 10% of their workforce, about 300 people.
He thinks the cuts aren't over yet...
So have the layoffs happened yet
Thats funny about LPL
I actually used to work there as a DBA. They don't pay very well so not surprised they are laying people off now to cut costs. Had to wear a suit and tie to work even though I was in a data center working on servers and never dealt with customers or the public. Glad that I do not have to wear that tie anymore.
Mixx - where did you run off to? I have a lot of ex LPL people in our IT dept now..Carmel Valley company..