How is the morale in Intel right now?
Intel to lay off 10,500 in major restructuring
Updated: 10:09 a.m. ET Sept 6, 2006
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SAN FRANCISCO - Intel Corp., the world’s largest chip maker, has endured a humiliating stumble in recent years as it steadily lost market share in its core business to a feisty smaller rival.
But the semiconductor company’s announcement of sweeping job cuts Tuesday is its most ambitious maneuver yet to reverse criticism that it has become too bloated and burdened by bad technological bets to regain its footing.
Intel said after the market closed that it will eliminate 10,500 jobs — about 10 percent of its work force — through layoffs, attrition and the sale of underperforming business groups as part of a massive restructuring.