Chipmaker Intel is planning more jobs cuts – this time more than 20 per cent of its staff globally – as it attempts to reduce bureaucracy. The company is apparently trying to get back to its roots, rebuilding an engineering-driven culture and shedding some of the layers of management that have built up over the years.

The troubled American semiconductor giant said it will cut spending despite benefiting from a Biden-era program designed to boost U.S. chip production.

The American chip-making giant’s stock fell after it said an overhaul is under way and that macro conditions would prove challenging.