Dec. 6, 2022 /SemiMedia/ -- According to reports, GlobalFoundries plans to lay off more than 800 employees worldwide in December, accounting for 5.7% of the company's 14,000 global employees.

Most of the layoffs will be in non-manufacturing jobs, such as executives, the report said. U.S. and Singapore employees will be notified of layoffs next week. Employees in Germany will be notified later, as the country has stricter laws protecting workers.

GlobalFoundries CEO Caulfield has recently warned that the company will have to cut costs to prepare for falling demand for semiconductors as the world economy slows and faces a possible recession.