“Painful”: Intel CEO Confirms He’s Laying Off 15,000 Workers as Part of Cost Reduction Plan to Increase Efficiency and Market Competitiveness

Tsing

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Pat Gelsinger, the American business executive and engineer who made a name for himself at Intel by, among other accomplishments, creating the i486 microprocessor in the 1980s, has announced that he will be laying off 15,000 roles at Intel (15% of its workforce) as part of a cost reduction plan meant to increase the company's efficiency and competitiveness in the tech market.

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wow so another 5k on top of the estimated 10k. That's not very nice. Lets see if they are profitable enough to get those sweet sweet bonuses.
 
We plan to reduce our costs by $10 billion in 2025.......





...... with $9 billion of those savings going directly to the CEO and board members in stock options and bonuses.
 
We plan to reduce our costs by $10 billion in 2025.......





...... with $9 billion of those savings going directly to the CEO and board members in stock options and bonuses.
While that typically happens, a sign that things could be changing is that the intel stock took a rightful beating today. If this continues, Pat will not get his golden parachute.
 
While that typically happens, a sign that things could be changing is that the intel stock took a rightful beating today. If this continues, Pat will not get his golden parachute.
Everything has taken a beating this week. The entire market is down badly. It's not just intel.
 
Everything has taken a beating this week. The entire market is down badly. It's not just intel.
Yeah DOW was in a freefall today. However, AMD stock went up...I'm hearing the Jaws theme over there over Pat's head.
 
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