The belt tightens yet further.
Only a month after UK workforce cuts, AMD is reducing its headcount yet further. This time it’s AMD’s North American employees that are affected the worst, with mandatory pay cuts being imposed in addition to worldwide job losses.
According to Daily Tech, AMD is cutting some 1,100 jobs further to those which it already has. That equates to around nine per cent of the company’s global workforce, a fairly sizeable reduction, suggesting the economic downturn is really troubling AMD.
Pay cuts aren’t small fry either. At the top, CEO Dirk Meyer and Executive Chairman Hector Ruiz will see 20 per cent cuts, while vice presidents and higher are being hit by 15 per cent, salaried staff see a 10 per cent reduction and hourly workers will now be five per cent worse off.
In the light of Intel’s Q4 revenue figures, and bearing in mind that AMD has consistently performed worse that Intel in the last year, it’s not that much of a surprise that the company is suffering.