Intel said on Thursday it is laying off 15% of its workforce and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue "no more blank checks." The plans are part of the effort by Tan,

The layoffs are one of the first major decisions made by Intel Chief Executive Lip-Bu Tan (pictured), who took over the company’s top job in March, replacing former head honcho Pat Gelsinger in an effort to arrest a long, slow slide into financial trouble.

"We are making hard but necessary decisions to streamline the organization," writes the tech giant's CEO in a memo to employees.

Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue “no more blank checks.

The disclosure came as Intel published its second-quarter financial results today. The chipmaker said it plans to end the year with a “core workforce” of around 75,000 staff, which would mean it loses almost a third of its employees in a space of about 12 months. The reductions will come via layoffs and attrition, the company said.

Intel confirms it will spin off its Network and Edge Group (NEX) as part of a massive restructuring under CEO Lip-Bu Tan to refocus on core chip businesses.

Intel (NASDAQ: INTC) will end 2025 with a workforce over 20% smaller than last year as new CEO Lip Bu Tan pushes aggressive cost-cutting to revive the struggling chipmaker. The company plans to reduce headcount to 75,

Intel canceled multiple manufacturing projects in Europe and delayed its Ohio chip plant for the second time this year.

The chipmaker plans to reduce headcount from 96,400 to 75,000 employees amid restructuring and steeper Q3 losses.

The total value of Costa Rica’s exports fell by 17.5 percent during the first two months of this year compared to the same period of 2014, the Foreign Trade Promotion Office reported this week.The total number of exports dropped from $1.8 billion during January and February of 2014 to $1.5 billion during those months this year, the agency said.

Intel (NASDAQ: INTC) has signaled it may exit the advanced chip manufacturing business if it fails to secure major external customers for its next-generation foundry technology, known as Intel 14A. The warning came as