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Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Drugmaker Amgen lays off 300 U.S. employees

Reuters
Updated ·1 min read
FILE PHOTO: An Amgen sign is seen at the company's office in South San Francisco

(Reuters) -Drugmaker Amgen Inc said on Monday that it let go about 300 U.S. employees or about 1.2% of its total workforce, citing recent organizational changes to its commercial team.

The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission.

Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen's move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Rashmi Aich)