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.

Bu Tan, announced that it's laying off staff and tightening its return-to-office rule as the Bay Area giant tries to right its course.

Beleaguered chipmaker Intel has confirmed plans to restructure in a shift that will involve an unspecified number of layoffs. It was reported this week that the company could lay off around 20 percent of staff (it had 108,