"We are making hard but necessary decisions to streamline the organization," writes the tech giant's CEO in a memo to employees.

Intel CEO Lip-Bu Tan announces 15% job cuts and cancels expansion plans as the company refocuses on core products, cost control, and execution.

COLUMBUS, Ohio (WSYX) — Intel is cutting projects and slowing construction in Ohio as the company slashes chip factory investments.

Intel said Thursday it has mostly completed plans it announced last quarter to cut 15% of its workforce, as the struggling chipmaker attempts a turnaround.

Intel is going to end the year with a workforce that is over a fifth smaller than last year, it said on Thursday, and new CEO Lip Bu Tan presented a blueprint for a more cost-disciplined, streamlined chipmaker that would issue "no more blank checks.

Intel has already shifted its Edge business into its Client Computing Group (CCG), while its NEX unit was dismantled, with its networking elements integrated into both CCG and Data Center and Artificial Intelligence group (DCAI). The NEX unit had previously been floated as a potential divestiture.