Sources: Intel will announce layoffs of over 20% this week.

Jin10 Data, April 23 - According to a knowledgeable source, Intel (INTC.O) will announce a plan to cut more than 20% of its workforce this week, aimed at reducing the bureaucracy of the beleaguered chipmaker. The source stated that this move is intended to streamline management and rebuild an engineer-led corporate culture. This will be the first major restructuring since the appointment of the new CEO, Pat Gelsinger, last month. The layoffs come on the heels of a layoff plan last year that affected about 15,000 employees (announced in August of last year). By the end of 2024, Intel's total employee count will be reduced from 124,800 in the previous year to 108,900.