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   From: hkarlsen@instagram.com   
      
   PORTLAND, Ore. — This story comes from the Portland Business Journal, a   
   KGW news partner.   
      
   Intel CEO Lip-Bu Tan plans to cut 20% of the company's workforce,   
   according to a report by Bloomberg Tuesday.   
      
   The layoffs are an effort to cut bureaucracy and rebuild "an   
   engineering-driven culture," according to the story, based on an unnamed   
   source. The cuts would be the most dramatic move by Tan to revive the   
   company (Nasdaq: INTC) since he became CEO in March.   
      
   Intel did not respond to Bloomberg's article.   
      
   Intel already slashed its workforce by about 13% under Tan's predecessor   
   Pat Gelsinger, who revealed plans for 15% companywide reduction in 2024.   
      
   The chipmaker employed 20,221 workers at its research hub in Washington   
   County as of February. That was down from 23,192 prior to last year's   
   layoffs. Its global workforce fell 124,800 to 108,900 over the same   
   period.   
      
   Gelsinger was pushed into an abrupt retirement in December after his   
   plan to reorient Intel into chip manufacturing powerhouse faltered.   
      
   Tan started his tenure with Intel promising to cut costs and restore it   
   to growth after a series of disastrous quarters.   
      
   "We will remain focused on executing this plan to reduce our operating   
   expenses and capital expenditures, simplify our portfolio and eliminate   
   organizational complexity — all while maintaining critical investments   
   in future growth," he told shareholders in its annual report in March.   
      
   Since then, Intel sold its majority stake in programmable chip   
   manufacturer Altera to tech investor Silver Lake. It was also reported   
   to be negotiating a joint venture with rival TSMC before that company   
   quashed rumors of a deal.   
      
   Intel is scheduled to release its first quarterly earnings report under   
   Tan on Thursday. Its shares were trading about 7% higher Wednesday   
   morning while the Nasdaq exchange was up 4.35% overall.   
      
   https://www.kgw.com/article/news/local/intel-plan-layoff-20-percent-workf   
   orce-report/283-be6e4bdd-9557-4181-b9bf-611e50d5fe6f   
      
   --- SoupGate-DOS v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)