ATI, Biz, AMD

AMD to cut over 1000 jobs

It's not just Intel suffering in the economic slowdown, but rival AMD too.

Advanced Micro Devices Inc will cut 1100 jobs and slash salaries as part of measures announced to try and see the company through a difficult period.

Chairman Hector Ruiz and Chief Executive Dirk Meyer will temporarily take 20% salary cuts, while US and Canadian executives vice president level and higher will take 15% cuts.

US employees will see cuts of between 5 and 10% as well as a hold on the company matching their contribution to their retirement plans.

In addition, AMD will take a $622 million charge for its acquisition of graphics chip maker ATI, bringing total write-offs for the $5.4 billion deal to $3.17 billion.