Looking to cut costs, and as part of its "asset light" strategy, chip manufacturer AMD has retrenched 500 employees from its 15 500 global workforce.

The retrenchments are in line with the company's previously stated intention to reduce the number of its employees from 15 500 to 12 500 by early next year.
The Inquirer reports that 150 staffers were shown the door at the company's headquarters in Austin, Texas with one of them even bidding a "fond farewell" to the news site. "It's pretty serious," The Inq reports him as saying.
AMD has also said that 3 000 more jobs would be moved in early 2009 to The Foundry Company, the $5,7-billion spin-off of its manufacturing plants in a joint venture with Abu Dhabi. Ex-CEO Hector Ruiz is already there.