IBM dismisses Forbes report of massive layoffs
IBM dismissed on Monday a Forbes magazine report claiming the technology firm is preparing to cut about 26 percent of its workforce, which would represent its biggest-ever layoffs. A report last Thursday on Forbes’ website by pseudonymous Silicon Valley technology gossip columnist Robert Cringely said IBM planned to break with that gradual approach and suddenly lay off 26 percent of its global workforce. This equates to several thousand people, a small fraction of what’s been reported.” Last week, Chief Financial Officer Martin Schroeter told investors on IBM’s fourth-quarter earnings conference call that the company was taking restructuring charges of around $580 million, but he did not specify the number of jobs affected. “For each of the last seven years, IBM has taken annual restructuring charges of between about $450 million and $1.5 billion, which we estimated have resulted in workforce reductions of between 6,500 and 21,500 per year,” Bernstein analyst Toni Sacconaghi wrote in a note to clients on Monday.
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