Intel Reportedly Plans to Fire More Than 21,000 Workers by the End of the Week

The massive layoffs within the tech industry that seemed to have subsided in recent weeks have, unfortunately, resurged, with tech giant Intel reportedly planning to cut over 21,000 jobs by the end of this week.

As reported by Bloomberg, citing anonymous sources, the company plans to reduce its workforce by over 20%, which, given Intel's nearly 110,000 employees, amounts to more than 21,000 people expected to lose their jobs come May.

With this move, the chipmaker is reportedly aiming to "eliminate bureaucracy, streamline management, and rebuild an engineering-driven culture," suggesting that the layoffs will mostly impact managerial positions rather than engineers and developers.

If true, this round of job cuts would be the first one conducted under the leadership of Lip-Bu Tan, Intel's newly appointed CEO, who succeeded Pat Gelsinger following his departure back in December. In case you missed it, during Gelsinger's tenure, Intel's stock dropped by 67%, and the post-pandemic period saw thousands of layoffs. At the moment, it still remains unclear whether the former CEO left voluntarily or was pushed out due to the company's current struggles.

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