News: Intel expected to cut thousands of jobs

sdy284 - September 1, 2006 06:32AM in
c|net - "Intel Chief Executive Paul Otellini is expected to announce a massive layoff as soon as Tuesday that could eliminate as many as 10,000 jobs, CNET News.com has learned. The Santa Clara, Calif.-based chipmaker, having suffered several financially disappointing quarters, launched an internal analysis in April to find ways to increase its efficiency. Otellini is scheduled to announce the results of the analysis, including the layoff, on Tuesday after the stock market closes, sources familiar with the plans said. Intel has about 100,000 employees worldwide, so the cut could be as high as 10 percent of the company's staff. "