Intel, the iconic US-based chipset maker is reportedly working with investment bankers to steer through one of the toughest phases in its 56-years history. According to Bloomberg, the tech giant is exploring various options from potentially separating its product design and manufacturing divisions to reassessing which factory projects might face the axe as it grapples with significant challenges in a rapidly changing industry landscape.

The report suggests that Intel is considering a range of options such as splitting its product design and manufacturing division and determining which factory projects might need to be shut down. According to the report, these options will likely be discussed at a board meeting in September. However, with the talks still in their early phases and no major decisions are expected to be made anytime soon.

Last month, Intel revealed plans to lay off over 15,000 employees in an effort to slash costs by billions of dollars and regain its competitive edge against more successful rivals. The company announced that it would reduce its workforce by 15 per cent, primarily through layoffs set to happen this year. According to a regulatory filing, Intel had 124,800 employees at the end of last year. In a memo to employees, CEO Pat Gelsinger outlined a goal to save 10 billion dollars by 2025.