Intel is set to unveil plans this week to slash more than 20% of its workforce, in a move to streamline operations and reduce bureaucratic inefficiencies, Bloomberg News reported on Tuesday, citing a person with knowledge of the matter.

Intel plans to eliminate 20,000 jobs or more across the company, Bloomberg reported Tuesday night, citing an anonymous source familiar with the chipmaker’s plans. The cutbacks would follow massive layoffs last year at the ailing chipmaker and the installation of a new CEO,

The chipmaker’s new boss, Lip-Bu Tan, told employees that Intel needs to remove “organizational complexity” and become more engineer focused. Yesterday was an eventful day for shareholders and employees of Intel Corp.