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IBM Cuts Jobs

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IBM Cuts Jobs

IBM is reportedly joining the likes of Microsoft, AMD and Panasonic in cutting a sizable number of staff. Although unlike those other companies, Big Blue is doing so relatively surreptitiously, making no formal announcement.

IBM says the cuts are part of its usual course of business and, as such, don't warrant any specific disclosure. Although with rumours of some 4,000 staff (some one per cent of the company's workforce) being cut in the period after IBM reported its forth quarter earnings release, it's hardly surprising to hear speculation that the two instances are related.

Given IBM recorded a $4.4 billion (~£3.1 billion) net profit last quarter, a 12 per cent year-on-year growth, it seems reasonable to accept these job cuts as par for the course, rather than a radical money-saving move. Although that will be of o consolation to those no longer under IBM's employ.

Link:

Associated Press (via Google).

hankb6d

January 29, 2009, 8:31 pm

Can we rename the TR right hand side now?





"The Column Of Doom"

Pbryanw

January 30, 2009, 5:49 am

For some reason that made me think of Indiana Jones.





Maybe if TR did a video report it could be called "Hugo Jobling and the Column of Doom"?





Anyway, I assume once all the current financial reports are over and done, news will get back to normal, at least until the next financial quarter?

Hugo

February 2, 2009, 1:35 am

This week I'm going to try and avoid *any* financial news.

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