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

GlobalFoundries cut operating costs this week by quantifying the number of employees it plans to lay off in the coming weeks due to softening demand for semiconductors. The company plans to cut his workforce to less than 800 globally by the end of December. Workforce reductions will primarily target non-manufacturing positions.

GlobalFoundries chief executive Thomas Caulfield told employees at a virtual conference that employees in the US and Singapore will be notified next week. German workers, on the other hand, will be notified later about the layoffs. He did not quantify how many people will be laid off in the US, Germany and Singapore. Still, he stressed that the company will focus primarily on cutting non-manufacturing roles, though some fab employees will also be laid off.

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