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German chip maker Infineon to cut 1,400 jobs
German chip maker Infineon to cut 1,400 jobs

German chip maker Infineon said Monday it will slash 1,400 jobs and relocate 1,400 more due to a tough market environment, as it announced falling profits and downgraded its outlook. The news comes after US chip giant Intel announced last week it will slash more than 15 percent of its workforce as it seeks to cut about $20 billion in expenses this year.