"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 provided more detail about the scope of its planned changes while sharing its second-quarter earnings results.

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.