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Share Name Share Symbol Market Type
International Business Machines Corp NYSE:IBM NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -2.00 -1.7% 115.71 118.12 115.20 118.00 4,763,081 00:50:57

IBM Announces First Job Cuts Under New Chief Executive

22/05/2020 3:34am

Dow Jones News


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By Asa Fitch 

International Business Machines Corp. is cutting an unspecified number of jobs in the first major workforce reduction under new Chief Executive Arvind Krishna, who is trying to revive growth at the tech company.

Armonk, N.Y.-based IBM said the cuts are aimed at making it more agile, but they come against the backdrop of a major economic slowdown triggered by a coronavirus pandemic that has caused many of its customers to dial back investments and hold off on big software deals.

"IBM's work in a highly competitive marketplace requires flexibility to constantly remix high-value skills, and our workforce decisions are made in the long-term interests of our business," the company said in a statement late Thursday.

The company didn't disclose the scale of the job losses. A person familiar with the company's plans said they are thought to affect several thousand people. IBM had around 352,600 employees as of the end of last year, according to a January regulatory filing.

(More to come)

Write to Asa Fitch at asa.fitch@wsj.com

 

(END) Dow Jones Newswires

May 21, 2020 22:19 ET (02:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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