Intel cutting 10500 jobs

Intel said it is cutting 10,500 jobs, or about 10% of its work force, as part of a plan to become more competitive. The cuts would help the technology giant save $1 billion this year, $2 billion next year, and $3 billion in 2008. Analysts have said Intel needs drastic action to reverse sliding profits and halt steady market share gains by rival Advanced Micro Devices (AMD).

The cuts included 1,000 managers Intel laid off in July and 2,000 workers in two business units that it sold over the past few months. Another 2,000 jobs will disappear through attrition. Most of the reductions will hit management, marketing and information technology workers.

The reductions would not be concentrated in any specific geographic area, Intel spokesman Chuck Mulloy said. A Malaysian newspaper reported Intel would offer voluntary layoffs to up to 2,000 workers in that country, where the company has employed 10,000 people for assembly, packaging and testing.

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