That’s what I hear. Every group will get cuts.
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It won’t just be 20% off the top everywhere. Cuts will be concentrated in North America and Europe, where labor cost is highest. In fact, don’t be too surprised to find substantially similar jobs opening up for hiring in low cost geos within a few months.
20% of Intel's current employees would be about 22,600 people. The 22K figure is obviously somebody's misinterpretation of the original Bloomberg article that said "Some divisions, including Intel’s sales and marketing group, could see cuts affecting about 20% of staff"
If the number is over 20,000, they’ll have to do it across two waves as the number will be quite a shock. The more I think about it, the more it makes sense — the first wave should be the “peanut butter” cut and the second should be project-driven. You’ll have to do both to reach that high number.
You folks are all wrong.. headcount is over 141K Blue Badge WorldWide as of 10/01/22.. this is visible internally at INtel btw..
So when HC = 141K, how many people will be leaving? 28K ?
Do the math, if yearly revenue drops from $79B to $63B, that's 20%.
That's a good start. Still less than the number of people hired due to chip shortage. Cuts will continue in to the future until bottom line is met. Remember, if dividend is cut or gross margin doesn't improve, shareholders will have Pat's head.
It is 17% of current 130k headcount. Ideally should be 30k. As usual corrupt middle level management will layoff hard working employees to save jobs of friends and their spouses. This will make intel more inefficient and schedule delays.
Comparing revenue or profit per employee to get to a good place you are talking 40k at a minimum
OP you got the news from VP level or higher?... 22K amounts to 20% company wise .. so how are they going to do that? Removing whole groups or business units or just picking specific andcrandom people from each BU? Any algorithm?
Not enough given the bleak future
So “peanut butter” cuts?
Go on...