Intel Takes Ax to Management

Intel (INTC Quote) is laying off about 1,000 managers -- representing about 1% of its workforce -- worldwide as part of a previously announced restructuring program, the company said on Thursday.

The job cuts will begin immediately and will happen over the next few days, company spokesman Chuck Mulloy said. The layoffs are being done to reduce costs and to "improve decision making," he said.

Mulloy declined to say how big a charge the company would take for the layoffs or how much Intel expects to save over time as a result of them. ...