Business & Finance
10:05 AM

Intel Cans 1,000 Managers

Intel is starting job cuts. The company told employees last week that it will lay off 1,000 managers in a matter of days across business divisions as the start of an effort to cut $1 billion in costs. The job cuts could reach 10,000--or about 10% of the company's workforce--by the time a "strategic review" is complete in August, predicts Tim Luke, an analyst with Lehman Brothers.

Intel CEO Paul Otellini revealed plans in April to restructure the company, which has been hit hard by a PC slowdown and stiff competition, telling analysts he planned an overhaul that would affect "every part" of the company.

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