Intel slashing 1,000 managers
Intel Corp. said Thursday it will lay off 1,000 managers, or about 1 percent of its work force, in an effort to streamline its business amid heated competition with rival Advanced Micro Devices Inc.
Intel shares were down less than 1 percent in early afternoon trading on the Nasdaq. The company's stock has fallen 33 percent over the past year as it loses market share to AMD. "This morning we informed our employees that Intel is reducing the number of managers by about 1,000 worldwide," said Intel spokesman Chuck Mulloy. "This action is designed to both reduce costs and improve communications and decision-making across the company." The world's biggest chipmaker said in April that it would conduct a top-to-bottom review of its operations, and analysts have speculated that the company could end up laying off more than 10,000 people in the effort.
