Intel (INTC) plans to reduce its workforce by more than 20%, Bloomberg reported Wednesday, citing an unnamed person familiar with the matter.

The impending layoffs follow the shedding of about 15,000 jobs last year, bringing its headcount down to 108,900 as of the end of 2024, the report said.

Bloomberg said the cutbacks are aimed at reducing "bureaucracy" and "management" in an effort to "rebuild an engineering-driven culture."

Intel did not immediately reply to MT Newswires' request for comment.

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