Is there any information on how many employees will be affected?
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It takes $30K to sponsor someone, certain country would put their name 10 times in the system to win the lottery, just take a look at the pipeline.
Bottom line is hire American since it's America's tax dollars. This goes to you managers who only hire your own to build your empire!
"laying off a good performing H1B holder doesn't do any good to Intel."
"This is not fair when the US government is subsidizing intel."
It may be not good for Intel, but certainly good for US. Most of H1B people will still stay in US by finding other jobs.
Cut more RCG‘s who are overly paid employees hired in recent two yrs across the company especially in manufacturing, supply chain related groups since the strong slump in the manufacturing demand. Keep minimal impact to design groups across CCG and DCG since Intel can still have them to design new products but outsource to TSMC when in house manufacturing has no competition in both cost and technology. Just my two cents.
Intel has ~130K heads now, so if you favor the time tested "15%" HR approach that'll result in ~20K. If you like the view that Intel's sweet spot seems to be around 100K that would produce ~30K. So that's the likely range.
More interesting if the cuts are outside of it. Below 20K might indicate things are not really that bad and Pat's just trying to show the Street he's doing something about the stock price. Above 30K, however, might mean the situation is really serious.
@jjc. 20k is a lot. So we shall see if it reaches that number. I am guessing the PC slowdown could cause larger cut in PC group.
@jjr+1jjgbSLE : Well then hire US citizens who can perform well. Keeping an underperforming US citizen because Intel is taking money from US government is an utter waste of tax payer money as a good return cannot be realized with underperforming people.
Also, H1B people pay all the taxes that US citizens pay, so they have also paid into the Govt money that Intel is getting. So taking the tax money of H1B folks to und Intel is great but then they should be the first in line to get fired regardless of the performance correct?
@aei+1jjgbSLE This is not fair when the US government is subsidizing intel.
120% by Q04. Another 300% by mid next year. Stop whinnying, you work by choice find another one out there, or change professions. Life owes you nothing.
The cuts will be deep and over several quarters to improve gross margins and to not cut dividend. Otherwise, shareholders will have Pat’s head. The cuts will be big because of over hiring during chip shortage. First will be low hanging fruits like sales, marketing, finance, IT, etc. Next, poorly performing business units will be put up for sale after cuts- like the modem group. Most like shareholders will demand IFS be spun off because of government subsidies from chip act. In summary, the goal is to prevent the stock from going into a death spiral. Therefore, cuts will continue for a while until bottom lines are met.
Max 7k
30k will be laid off this round. Another 40k will be gone by end of q2 2023.
@wqb: Cuts should be based on performance ( H1B or not). Retaining a deadbeat US citizen and laying off a good performing H1B holder doesn't do any good to Intel.
Layoffs aren’t illegal in Europe, they just take longer. That post below is FUD.
@wqb Agreed! But I'm not holding my breath that it will shake out that way.
If you are on H1B, then are you really a US employee?
IMO, intel should prioritize job safety of US citizens first. This makes the most sense.
Heard only US employees will be impacted. Ireland and other countries have governments protecting their citizens jobs. So US employees will have to disproportionately take the hit. While US tax dollars funded the chips act, US employees will be laid off. I wish those tax dollars would be saved for unemployment benefits than fund chips act.
through some second hand info I got from a 'friend' outside Intel who has a friend in Intel upper management. My friend told me: " He was visibly exhausted and as we shared our woes of the day he told me his experiences all week long at intel (being a mgr). Having to justify every single head in his group and "losing" in some instances. It's really rattled him. He said he was talking to a VP in their group (who probably won't survive) and she had been "crying all day" and was frazzled. He said the cuts coming to intel are deep, and brutal." Cuts will be 'brutal' and 20K at a 'minimum' and will cut across all layers of management/employees. Sales, Marketing, HR, and Finance will be hit particularly hard. Engineering shouldn't be affected too much, but they wont be completely unscathed.
I know someone. Pat
Ask Pat. He-l tell you soon