New Delhi: IT major Intel said it will slash 15,000 jobs in a bid to cut costs and save up to $10 billion according to a memo by CEO Pat Gelsinger. While calling it “painful news”, Gelsinger said the layoffs were an attempt to make “the most consequential changes in our company’s history.”
The job cuts became necessary in the face of tougher than previously expected financial results and outlook for H22024, added Gelsinger.
While calling it the hardest thing he has done in his career, the Intel CEO promised to prioritise a “culture of honesty, transparency and respect” at the chip design company.
How Intel layoffs will work
Intel will roll out an enhanced retirement offering for employees who meet its eligibility criteria. It will offer voluntary departures to the employees. The job cuts will affect non-essential work and consolidate overlapping verticals.
This will include customer success being folded into sales as well as marketing and communications. This is expected to streamline the company’s go-to-market motions, said Gelsinger.
Intel layoffs: The IT major said it plans to slash 15,000 jobs in what its CEO called the “most consequential changes in our company’s history.” Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
