Intel to lay off 16,000 employees - sources

Oh no, this is a hard hit for Intel. It appears that they will be laying off up to 16,000 employees. Boy, this yo-yo stuff must get old for those in the hardware sector?

Westlake Village (CA) and Chicago (IL) - Update - Intel chief executive officer Paul Otellini revealed last month that Intel is about o enter the most extensive “self re-evaluation” phase in 20 years. Now, first indications of the impact of this process begin to surface: According to industry sources, the company may lay off or “re-deploy” up to 16,000 employees. Intel is expected to announce details on 15 June.

Omid Rahmat reported about Silicon Valley rumors involving layoffs in his blog this morning, referring to industry sources. “Rumors are a leapin’ around Silicon Valley that Intel may end up laying off 16,000 people, and getting rid of a bunch of marketing initiatives, Viiv the unpronounceable being rumored to be one destined for the death knell,” he writes….. Source TG Daily

[tags]intel,viiv,silicon valley,employees[/tags]