In August 2024, it was reported that Intel was making significant efforts to reduce costs, even if it meant cutting its workforce by at least 15 per cent. This meant letting go of over 15,000 team members to achieve cost savings of about $10 billion for 2025. The company aimed to complete this target by the end of the year, and the next couple of weeks will see impacted employees being notified.
Many employees have already accepted the voluntary early retirement scheme and said goodbye to the company last month, bringing Intel closer to its goal of 15,000 job cuts.
As previously indicated, the list of employees whose jobs will be cut has already been submitted by managers to their senior managers, and notices will be issued next week. Intel’s CEO, Pat Gelsinger, had informed employees that those affected would be notified by mid-October, and the layoff process seems to be on schedule.
In August 2024, Intel had decided to reduce expenditure in the research and development division as well as its marketing unit by billions annually for the next two years. It planned to cut capital expenses by 20 per cent and discontinue all “non-essential” work. Ongoing projects and existing equipment were being thoroughly reviewed. Gelsinger had also communicated the downsizing plans to employees via email.
