The right number should be 70,000 +/-5000 . The sooner LBT does it the better. Ridiculously bloated VP/Fellow ranks, program managers, project managers, etc. this place needs to be cleaned up.
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That which is inevitable can not be stopped.
Corporate platitudes merely delay that which is inevitable, enabling the company to retain as many as possible until the company decides to terminate them.
@gn+1jsgd3081 I agree. This is merely what can be done immediately.
What follows are much deeper cuts, from projects, products, labs and fabs which are deemed non-core, and either sold or eliminated.
Would not be surprised to see total headcount below 50k in a couple of years.
Thing is, ELT and the Board knew what was needed, but were so entrenched that they could not pull the trigger, and all past CEOs were still trying to keep IDM chipzilla alive.
This is the company wide reduction.
What follows is isolated to business groups, some of which will be shut down or sold.
That includes possibly selling the non-EUV fabs to GF or some other foundry, because they are never going to be used for external customers and Intel is still not even committing 18a for internal use.
See if the next IFS update tries to offset the slow 18a ramp by stating the intent to sell off several older fabs.
Clearly getting to core functions will be done in stages.
This is about reducing middle managers and the bloated IFS headcount.
I doubt it include any of the product groups which are going to be sold or shut down.
Even in IFS, the real reductions will take much longer. Maybe several years to convert the workers to contract status and consolidate most of the job functions into regional operation centers. This is how other foundries operate.
The rumor is that 60k to 70k is the target, at least for now.
Obviously, shedding some older fabs and non-core product groups would further reduce headcount. That might enable headcount to get closer to 50k.
Not an awesome time to be relying on Intel as a source of income or career for most people, but if LBT can do what many others knew needed to be done, then that could set up the company for whatever it will be in the future.
x86 ain't getting any younger.
Imagine you're one of the workers whose lives were upended, and you see your ex-coworkers cheering it on. This lack of worker's solidarity will be this country's undoing.
Twenty percent is not enough. I suspect this is a first round of layoffs for LBT.