Intel's CFO: 'We hate layoffs,' but 'we're trying to deal with reality here'

Here is the article and I've included a few choice quotes from the CFO.

http://www.oregonlive.com/silicon-forest/index.ssf/2017/08/intels_cfo_i_think_we_have_too.html

"Honestly, I think we have too many people," Bob Swan told members of Intel's finance group during a large staff meeting at the company's Ronler Acres campus in Hillsboro, according to a recording obtained by The Oregonian/OregonLive."

"I have too many people in my meetings. I have too many people in every meeting I go to. I'll have three or four layers of people in a meeting," Swan said. "You've got to free people up to do different things. I get too many reports that you all work extremely hard to create."

In April, following Intel's first-quarter financial results, Swan committed to bringing corporate spending down to 30 percent of revenue by 2020. It was 36.5 percent in the first three months of 2017.

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14 replies (most recent on top)

If he's talking about finance people, it's true. They are like Russian political officers, planted in all orgs. None of them have ever added any real value. Their claim to fame is making up fake metrics to promote fake cost savings.

He is not the first one to try to streamline. What would he do differently?

@1bht ....so they DIDN'T consider any of those things before but will do it "this time"? Oooooooook..........

Funny how many Qualtrolls and AMDoofuses are here. Any Intel employee would know that there is not going to be another "ACT".

The Qualtards and AMDorks would be well advised not to hope too much for major layoffs at Intel. If the labor market is suddenly swamped with thousands of engineers, what exactly do you think will happen to your salaries? What will happen the next time you are trying to find another job? Perhaps that thought will keep your schadenfreude in check. We're all in the same boat in this f---ing industry.

1xjz No, 6 percent points. Not 6 percent. Did you sleep through basic math? If so, then a job at Intel is not quite right for you.

A reduction from 36.5% to 30% is a 17.8% reduction. That's quite significant. Try reducing your household spending by 17.8% sometime, and let's see how well you do, smart@ss.

Wait..he has 3 YEARS to cut spending by 6%? WTF Intel is worse than the goverment. What a joke

You're going to be the next ACT victim. Not Management.

Should Swan be fired for not meeting his commitment? He should, at least, get a stock level 5 for this failure. Shouldn't he then be laid off for underperforming?

EPIC LAYOFF

I'm just dying to see the next ACT perp walks of shame!

i LOVE ACTS

Flatten the layering with another 1,000 manager cut. Start with BK and Murthy, and proceed down the tree from there. Then reorg with a wider span of management, including use of team leads at the "leaf level" of the organizational tree.

I just can't wait for the next big ACTs!

Reality is big ACTs are coming, are and your family ready?

Thread regarding Intel Corp. layoffs

Intel's CFO: 'We hate layoffs,' but 'we're trying to deal with reality here'

14 replies (most recent on top)

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