August 1, 2024 · Entrepreneur
Intel Announces Massive 15,000 Job Cuts in Largest Restructuring in Decades
Intel CEO Pat Gelsinger announced the company would eliminate more than 15,000 jobs — roughly 15% of its global workforce — as part of a sweeping cost-reduction plan. The chipmaker has struggled to compete with Nvidia and AMD in AI chips while its foundry business burns cash. Intel expects to save $10 billion annually by 2025 through the cuts and operational changes.
August 8, 2024 · Variety
Paramount to Cut 15% of U.S. Workforce Ahead of Skydance Merger
Paramount Global said it would cut 15% of its U.S.-based workforce — about 2,000 people — as the media conglomerate prepared for its merger with Skydance Media. The reductions, disclosed alongside Q2 earnings, primarily targeted marketing, communications, and corporate functions. At the time the company was run by an 'Office of the CEO' trio after Bob Bakish's earlier departure, and executives said the cuts were needed to streamline operations before the transaction closed.