Intel Will Cut 12,000 Jobs Over the Next Year

(SAN FRANCISCO)— Intel says it will cut 12,000 jobs — about 11 percent of its workforce — as it reorganizes to confront a decline in sales of personal computers.

The chipmaker said the cuts will include "voluntary and involuntary departures" from its operations around the world. Most of the affected workers will be notified in the next 60 days.

Intel said the cuts will provide about $1.4 billion in annual savings by the time the cuts are completed next year.