Intel's job reduction reduces Oregon workforce to 2004 levels

the Oregonian--

Intel, Oregon's largest private employer announced Tuesday that it will eliminate more than 10,000 jobs worldwide, which includes 1,250 of its 17, 200 Oregon employees.
"I think we simply found over time that we added more people than the market would bear," said Bill McKinsey, Intel's Oregon's spokesman referring to the 15,000 employees hired across company during a hiring spree last year. "We had become bloated (when measured) against our peers."
Intel plans to reduce its workforce from 102, 500 to 95,000 employees by the middle of 2007. The company expects to save about $3 billion annually beginning in 2008.