Intel is set to unveil plans this week to slash more than 20% of its workforce, targeting bureaucratic inefficiencies at the struggling chipmaker, Bloomberg News reported on Tuesday, citing a person with knowledge of the matter.

The layoffs are part of a broader strategy to streamline management and refocus on an engineering-driven culture, the report said.

Intel did not immediately respond to a Reuters request for comment.

The layoffs would be the first after chipmaker's new CEO, Lip-Bu Tan, took the top job last month to turn around the venerable Silicon Valley chipmaker after years of problems.

Last week, Reuters reported that Tan was restructuring the company by flattening its leadership team, with key chip groups now reporting directly to him.