Intel is full of people doing stuff that doesn't matter... from TPS reports to duplicate departments all claiming they are responsible. More checkers checking the checkers and no real hard core engineering feats being achieved.
This is the result of terrible culture, managers hoarding power and information but not making anything anyone wants to buy.
These efforts to cut are too little, too late. The problem is quite intractible.
@bn+1jx0snxd8 said it well.