Intel CFO give employees an update on layoffs: Not yet …

Intel Chief Financial Officer David Zinsner has dismissed reports of massive layoffs at the tech giant, telling employees that claims of 20,000 job cuts are "inaccurate." However, he confirmed that workforce reductions are still coming as part of the company's broader restructuring plan.

During a company-wide video conference on April 25, Zinsner stated that Intel has "not yet finalized how many positions will be eliminated," according to CTech, which reported on the internal communication.

The clarification comes after Bloomberg published an article suggesting Intel would cut more than 20% of its workforce, which would amount to over 20,000 employees. The semiconductor giant currently employs approximately 109,000 people worldwide.

Voluntary buyouts offered, but not guaranteed for all
Executives explained that each department will now assess its own structure, with some employees potentially offered voluntary buyouts. However, they cautioned that not all requests to leave would be accepted.

In a notable shift from past restructuring efforts, Intel will not offer early retirement options this time. The company described previous rounds of early exits as a misstep that cost Intel valuable experience and expertise.

Restructuring to begin in Q2, continue over "several months"
The workforce reduction is part of a sweeping transformation plan outlined by new CEO Lip-Bu Tan in a 1,200-word internal letter sent on April 24. Tan promised that layoffs would begin in the second quarter and proceed "as quickly as possible over the next several months."

"We need to get back to our roots and empower our engineers," Tan wrote in his letter, citing a corporate culture that had become "too slow, too complex and too set in our ways."

Despite questions about the scale of cuts, executives confirmed that restructuring is necessary as Intel faces competitive pressures in the semiconductor industry. Tan has committed to reducing operating expenses to $17 billion in 2025 and $16 billion in 2026, while trimming capital expenditures by $2 billion this year.

For thousands of Intel workers worldwide, uncertainty remains as executives have yet to provide detailed information about which departments will be most affected or exactly when cuts will take place.