Intel May Be Planning to Fire Thousands of Employees

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#6060079
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Hilbert Hagedoorn:

Bloomberg reports that Intel is mulling a massive layoff of workers to cost-cutting amid a slowdown in the company's operations. Although Intel's Client Computing Group (CCG) does much more than jus... Intel May Be Planning to Fire Thousands of Employees
This is awful news. People need their jobs especially now. Our markets are so unpredictable with signs of a possible recession. We need more people working and not at home.
#6060092
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Ouch, sad news :/
#6060096
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Awful news. Posted that photo, that was a movie who made me realise that nobody's safe from lay offs. Same history, but with different actors. As @TheDigitalJedi well said, we need people working, paying taxes, buying and contribute to economy.
#6060106
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TheDigitalJedi:

This is awful news. People need their jobs especially now. Our markets are so unpredictable with signs of a possible recession. We need more people working and not at home.
In the US there may just be signs of a recession, but the recession is already happening big time in EU.
#6060128
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Ivrogne:

What movie is this?
Possibly "Up in the Air". As for post, there are a few different sources to the rumours of their troubles - GPU issues and pressure to sell GPU division (https://semiaccurate.com/2022/09/02/why-is-intels-gpu-program-having-problems/), this with downturn triggering massive layoffs? They may be doing an Alphabet/Google and trimming the edges of a lot of their broader investments that failed to deliver.
#6060131
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it can be called by many names ,one of them is transformation . Not one transformation that people asked for and that's why people perceive it as recession. We cant see the big picture ,only fragments of it. Maybe we shouldn't , human minds are fragile.
#6060147
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Ivrogne:

What movie is this?
Up in the air
#6060156
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Taking billions is government subsidies, then firing thousands of people.
#6060182
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"Investors and stakeholders love this simple trick"
#6060186
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TheDigitalJedi:

This is awful news. People need their jobs especially now. Our markets are so unpredictable with signs of a possible recession. We need more people working and not at home.
Sadly someone has to pay for bad management decisions.
#6060187
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TheDigitalJedi:

This is awful news. People need their jobs especially now. Our markets are so unpredictable with signs of a possible recession. We need more people working and not at home.
There was a time I remember before the financial crash 2008/9 that if you were in a big corporation like that with quite a lot of skill and the same for programmers, good programmers. Your job was safe. It seems nowadays no matter how good your skill is, nothing is safe. Look at even Microsoft over the years. Even seeing the same stuff happening in the games industry. With a massive rise of people forming companies that were once big players with EA/Dice/Ubisoft and such. As well as more and more Indie game developers appearing. Nothing seems to be stable anymore. All short term quick fixes if that. On to the next kill of money for hit and run.
#6060190
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All the talking about "good know-how and skills mean your job is safe"... anybody seen Falling Down, with Micheal Douglas as the protagonist? No job is ever safe, unless you're the one firing other people. I don't know why anybody would think that in a US company, where it's literally capitalism in it's purest form, that any job is safe unless the numbers work out for the management.
#6060216
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"Oh no, we're netting only $7 billion! How can we possibly afford to pay all of these employees with so few billions to spare!?" This is why I hate the stock market - everything the business does is to appease shareholders and nobody else. Indirectly, that means you want to appease your customers too but that isn't a requirement.
Embra:

Sadly someone has to pay for bad management decisions.
The weird thing is, I'd say Intel was actually doing okay with management for the past 2 years. Not great but I wouldn't say bad either.
#6060219
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Horus-Anhur:

Taking billions is government subsidies, then firing thousands of people.
fantaskarsef:

"Investors and stakeholders love this simple trick"
schmidtbag:

"Oh no, we're netting only $7 billion! How can we possibly afford to pay all of these employees with so few billions to spare!?" This is why I hate the stock market - everything the business does is to appease shareholders and nobody else. Indirectly, that means you want to appease your customers too but that isn't a requirement. The weird thing is, I'd say Intel was actually doing okay with management for the past 2 years. Not great but I wouldn't say bad either.
You guys have already said what i was thinking. It "pains" me to see giant corporations firing people in order to appease the stockholders and mantain the bonus of CEOs and directors instead of keeping the employes in this harsh times.
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schmidtbag:

" The weird thing is, I'd say Intel was actually doing okay with management for the past 2 years. Not great but I wouldn't say bad either.
This goes back much rather than two years.
#6060365
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TheDigitalJedi:

This is awful news. People need their jobs especially now. Our markets are so unpredictable with signs of a possible recession. We need more people working and not at home.
In the US there are far more than just signs of a recession. We are in one. Intel trimming people is evidence of that. You will see many other big companies follow suit. Most of them do this for each major downturn and especially for a recession. Unfortunately this is likely to be a worldwide recession affecting many western countries. I know several of them are already struggling like we are here in the US. I just hope and pray it stops at just a recession.
#6061053
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DarkQuark:

In the US there are far more than just signs of a recession. We are in one. Intel trimming people is evidence of that. You will see many other big companies follow suit. Most of them do this for each major downturn and especially for a recession. Unfortunately this is likely to be a worldwide recession affecting many western countries. I know several of them are already struggling like we are here in the US. I just hope and pray it stops at just a recession.
True. https://www.bbc.co.uk/news/uk-63253687
#6061054
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boo boo there down to 7.7$ in revues which down 25% from 2021...... so keep there revues up thre fire people... in middle of recession too

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