IBM plans to cut several thousand jobs by the end of the year
IBM will make cuts in the fourth quarter. And while the company said the layoffs will affect a small percentage of employees, thousands of people could lose their jobs.
IBM will make cuts in the fourth quarter. And while the company said the layoffs will affect a small percentage of employees, thousands of people could lose their jobs.
“We are implementing a reduction in our global workforce during the fourth quarter that will affect less than 10 percent of our global workforce,” a company spokesperson told CNBC. “While some U.S. jobs may be reduced, we anticipate that our overall U.S. workforce will be flat year-over-year.”
According to IBM's latest annual report, the company employed 270,000 people at the end of 2024. A 1% reduction in headcount would mean the loss of 2,700 jobs.
Under CEO Arvind Krishna, IBM has doubled down on its software efforts, seeking to capitalize on rising spending on cloud services as enterprises integrate AI technologies, Reuters reports .
But last month, IBM reported a slowdown in its key cloud software business, raising concerns among investors who had high hopes that the company would be able to fully capitalize on the cloud services boom. Its shares, which have risen more than 35% this year, fell nearly 2% on Tuesday.
Other tech companies have also been cutting staff recently. In October, Amazon announced layoffs that would be the largest since 2022. YouTube is offering employees cash benefits for voluntary layoffs. Ubisoft has followed a similar path, launching a “voluntary career transition” program.
Intel will cut 24,000 employees by the end of the year and also plans to scale back operations in several countries
Intel will cut 24,000 employees by the end of the year and also plans to scale back operations in several countries
Google laid off 100 UX designers due to staff optimization and investment in AI
Google laid off 100 UX designers due to staff optimization and investment in AI
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