Intel to Cut 12,000 Jobs By 2017

This is always depressing news.

Intel today announced that they plan of laying off eleven precent of its workforce by mid 2017. According to GeekWire, that's 12,000 positions. This is one of the company's largest layoffs in its history.

This is all part of the company's “restructuring initiative” which will see Intel focus more on more on cloud computing and Internet of Things technology.

The job cuts will happen fast, with the majority of them over the next few months.

Intel will actually spend $1.2 billion on the restructuring, but said that the changes will save the company $750 million this year and $1.4 billion annually by mid 2017.

Intel's closest locations to the Hudson Valley are Parsippany, New Jersey, Allentown, PA King of Prussia, PA, and Bala Cynwyd, PA.