Beleaguered chipmaker Intel has confirmed plans to restructure in a shift that will involve an unspecified number of layoffs. It was reported this week that the company could lay off around 20 percent of staff (it had 108,

Intel is reportedly preparing another round of layoffs, with 21,000 of its global workforce to be out of work, representing another 20% of its workforce.

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