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.

The cutbacks could be devastating in Oregon. The chipmaker is the state's largest employer and makes Oregon's most valuable product.

Global tech giant Intel Corp. is reportedly planning to announce it’s laying off more than 20% of its staff. According to a report in Bloomberg, the chipmaker is cutting jobs in an effort to streamline management and eliminate bureaucracy.