Icelandic biopharmaceutical company deCode Genetics has given notice to 60 of its 390 workers and some have already quit. According to deCode CEO Kári Stefánsson, the resignations were necessary to secure continued operations.

Stefánsson explained to Morgunbladid that his company is partly operated with its earnings, partly with its balance sheet and partly because of profits from markets. Currently markets are suffering a downswing which deCode had not seen coming.

“It is natural for us to operate the company in such a way that we can make the money that we have last longer than what we had expected to begin with. These are very simple and clear operational standpoints and it would even be wise for other companies in our community to follow our example,” Stefánsson said.

Stefánsson added that deCode would not make other operational changes and would be able to continue with its core operations and even increase its efficiency.

“But it is not enjoyable to lay people off at this time because it is not easy to walk from one job to another in Iceland today,” Stefánsson said, adding that deCode had secured continued operations for the next two years with the resignations.