Intel Corp. is poised to announce plans this week to cut more than 20% of its staff, aiming to eliminate bureaucracy at the struggling chipmaker, according to a person with knowledge of the matter.

Intel Corp. could lay off 20% of its workforce, according to unconfirmed reports. The company, with a Chandler campus, is a major Arizona employer.

Intel is reportedly preparing for its largest round of layoffs ever. According to a new story from Bloomberg, Intel is set to announce a massive 20 percent reduction in its workforce. This would mark the second time in less than a year that the company laid off employees.