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GlobalFoundries to Lay off Nearly 6% of Staff by End of 2022

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GlobalFoundries this week quantified the number of employees it plays to lay off in the coming weeks to cut its operating expenses due to softening chip demand. The company will cut less than 800 employees globally by the end of December. The job cuts will mainly involve non-manufacturing roles.

Thomas Caulfield, chief executive of GlobalFoundries, told employees at a virtual meeting that workers in the U.S. and Singapore will be notified next week. Meanwhile, workers in Germany will be notified about their layoffs later. He did not quantify how many people will be let go in the U.S., Germany, and Singapore. Still, he emphasized that the company would focus primarily on cutting non-manufacturing roles, though some fab workers would also be laid off. 



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