IBM to Lay Off Thousands of Employees in Q4

IBM announced it plans to cut thousands of jobs in the current quarter. Layoffs are a part of a plan to shift its focus towards more profitable software and services.

An IBM representative stated the job cuts will impact a low single-digit percentage of its global workforce. IBM had 270,000 employees at the end of last year. The representative stated the job cuts could impact some US-based roles but noted employment is expected to remain flat year-over-year.

Earlier this year, IBM unveiled plans to invest $150 billion in the US over the next five years in a bid to solidify the country’s leadership in computing technologies. When announcing the move, CEO Arvind Krishna emphasised IBM’s commitment to American jobs and manufacturing, stating the investment will ensure the company remains the epicentre of the world’s most advanced computing and AI capabilities.