Intel Global announced massive layoffs, which could put up to 1,500 Israeli Intel employees out of work.
The cutbacks are global and will be enacted because Intel’s lackluster performance requires implementing $10 billion in budget cuts to preserve the company.
Currently, Intel employs 11,700 Israelis.
“In the best case, hundreds of employees at Intel Israel will be laid off; in the worst case, about 1,500 employees may lose their jobs,” former senior executives have told Calcalist.
Intel CEO Pat Gelsinger wrote in a memo: “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.”
