Intel to slash up to 12,000 jobs in restructuring

US tech giant Intel announced plans today to cut up to 12,000 jobs as it seeks to reorient its business to reduce dependence on the slumping personal computer market.

The restructuring will eliminate about 11 percent of the workforce by mid-2017 and aims to "accelerate evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices," the California group said in a statement.