IBM Announcement Coming Wed; Wall Street will be Snowed In
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IBM Announcement Coming Wed; Wall Street will be Snowed In
by David Goldman
Tech blogger Robert Cringely wrote last week that IBM would lay off 26% of its staff, or nearly 112,000 employees, in a massive restructuring. The cuts will be announced Wednesday, and they will predominantly be focused in IBM’s struggling storage and mainframe businesses, Cringely reported.
IBM (IBM, Tech30) fired back with one of the longest “no comments” of all time.
“IBM does not comment on rumors, even ridiculous or baseless ones,” the company said in a statement. “If anyone had checked information readily available from our public earnings statements, or had simply asked us, they would know that IBM has already announced the company has just taken a $600 million charge for workforce rebalancing. This equates to several thousand people, a mere fraction of what’s been reported.”
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