12,000 jobs on the line as Intel prepares to restructure

U.S. tech giant Intel, one of the world's biggest manufaturers of PC gaming hardware, has lifted the lid on a new restructuring initiative that could result in up to 12,000 layoffs.

Company CEO Brian Krzanich broke the news in an email to employees, in which he wrote about Intel's transformation from a PC company to "a company that powers the cloud and billions of smart, connected computing devices."

Krzanich told Intel staff the tech outfit would be looking to build on its new strengths to further intensify investments and drive profits, but that, in order to do so, changes would need to be made. 

"We expect that this initiative will result in the reduction of up to 12,000 positions globally. This will be achieved by voluntary and involuntary departures, global site consolidation, and efficiency initiatives," wrote the CEO. 

"The majority of these actions will be communicated over the next 60 days, with some spanning into 2017."