Intel lays off 15,000 employees. CEO says ‘painful but more tough days ahead’

Intel CEO Pat Gelsinger informed employees that the company is cutting jobs in order to save money and reduce costs. In a memo to all employees, Pat Gelsinger revealed that the company plans to deliver $10 billion in savings by 2025 owing to which 15% of the total workforce is being reduced. Intel will announce a enhanced retirement offering for eligible employees and offer an application program for voluntary departures next week.

He said, “This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history.”