Intel to cut 10,500 jobs
updated 09:55 am EDT, Wed September 6, 2006
Intel to cut 10,500 jobs
Intel has said it will cut 10,500 positions over the next year responding to its arch rival Advanced Micro Devices (AMD), which showed competitive gains in recent months. The layoffs constitute roughly 10 percent of the chip maker's workforce, and will save the tech giant approximately $5 billion despite severance costs amounting to roughly $200 million, according to the Wall Street Journal. Intel announced the major restructuring effort in late April promising to resize the company in a sweeping overhaul affecting every part of the business. "No stone will remain unturned or unlooked at," said CEO Paul Otellini. "You will see a leaner, more agile and more efficient Intel Corp."
