Intel to cut jobs in management department

World’s largest microprocessor makers Intel is planning to cut as many as 1000 management jobs in their operations spread across the globe.

The company aims to cut costs and wants to make their operations smoother as they are facing increasing competition from smaller rivals AMD.

However, they declined to reveal how much they are aiming to save through this latest round of job cuts. Intel also has not said whether this new development would result in a charge against earnings.

Intel should come out with more details this coming Wednesday when they are due to release their results for the second quarter.

The company failed to impress the stock markets in April when they reported a 38 percent drop in first-quarter profit. At that time, Intel’s Chief Executive Paul Otellini had promised to restructure the company in a move aimed at saving the company $1 billion a year.