IBM to Cut Up to 13,000 Jobs, Mostly in Europe
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From Bloomberg News
IBM Corp. plans to eliminate 10,000 to 13,000 jobs after quarterly profit trailed forecasts.
The job cuts are primarily in Europe, where growth is slower, IBM said. Pretax costs will total $1.3 billion to $1.7 billion this quarter, the company said.
This marks Armonk, N.Y.-based IBM’s biggest restructuring since it cut 15,600 jobs in 2002 after five straight quarterly sales declines.
IBM shares rose 61 cents to $77.08 on the New York Stock Exchange.
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