Intel to announce plans this week to cut over 20% of staff

Intel Corp. is poised to announce plans this week to cut more than 20% of its staff, aiming to eliminate bureaucracy at the struggling chipmaker, according to a person with knowledge of the matter.

The move is part of a bid to streamline management and rebuild an engineering-driven culture, according to the person, who asked not to be identified because the plans are private. It would be the first major restructuring under new Chief Executive Officer Lip-Bu Tan, who took the helm last month.

The cutbacks follow an effort last year to slash about…