Intel has said it will end the year with a workforce more than 20% smaller than in 2024 as part of new CEO Lip Bu Tan’s turnaround plan.

Most of the job cuts, reducing headcount from 96,400 to 75,000, have already been completed.

Since taking over in March, Tan has laid off employees, divested businesses, and redirected resources to streamline the company.

Tan also presented a blueprint for a more cost-disciplined Intel, stating there will be “no more blank checks.”

The company will now build factories only in response to actual demand, shifting away from its previous strategy of anticipating future needs.

If Intel fails to find external customers for its 14A chip manufacturing process, it may exit that part of the business entirely.

Recent Intel developments