Business Journal: Cutbacks At Intel
The Intel Corporation announced Thursday it is cutting 1,000 management positions around the world.
Thursday, July 13, 2006
With 100,000 employees worldwide, and 7,000 of them in Folsom, simple math says that some of the cutbacks will happen locally. A local spokesperson for the company did not specify how many Folsom jobs might be lost, in the wake of the CEO’s global announcement of the cutbacks. She did say that layoffs will occur across departments. Managers losing their positions will be notified within three days … and July 28th will be the final day of employment for all of them. Locally, there had been 53 layoffs in recent months. Intel’s stock is languishing, and the company has been under pressure to cut costs.