XPost: alt.fan.rush-limbaugh, sac.politics, alt.politics.democrats
XPost: alt.politics.economics

Layoffs at International Business Machines are in the works, the
company confirmed to FOX Business.

"IBM’s work in a highly competitive marketplace requires
flexibility to constantly remix to high-value skills, and our
workforce decisions are made in the long-term interests of our
business. Recognizing the unique current conditions, IBM is
offering subsidized medical coverage to all affected U.S.
employees through June 2021" a company spokesman said in a
statement.

The company declined to disclose where the cuts would take
place, but Bloomberg which was first to report the developments
said the reductions would be spread across at least five states,
leaving longtime employees suddenly out of work as the
coronavirus pandemic has chilled the economy. Employees in
California, Missouri, New York, North Carolina and Pennsylvania
were affected.

The company withdrew its annual forecast last month as the
pandemic slowed software sales. And CFO James Kavanaugh
discussed the need to stay nimble. "We took structural actions
to improve the competitiveness of our Global Technology Services
business" he said during the April earnings call.

Earlier this month, CEO Arvind Krishna said IBM wouldn’t even be
cutting its 5 percent dividend.

"I believe that we actually have enough financial stability,
including a secure dividend," Krishna previously said on FOX
Business Network's "Mornings with Maria." "The dividend is
occupying a little bit more than half our free cash flow. It's
not like it's occupying all of it, and that leaves enough
flexibility for us to do it."

https://www.foxbusiness.com/markets/ibm-cuts-thousands-of-jobs-
report

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