Skip to comments.IBM Employees Fear Company Will Begin Up To 13,000 Layoffs Tomorrow
Posted on 02/25/2014 8:58:24 AM PST by SeekAndFind
IBMs next round of layoffs are expected to begin on Wednesday, Feb. 26, according to a union for IBM employees.
The internal code name for this round of cuts is Project Apollo, sources told the union, Alliance@IBM on an online forum where those who work for IBM can post comments about whats going on inside the company.
No one knows exactly how many people IBM will cut as part of its 2014 workforce rebalancing. IBM wont comment on the number of employees affected but CFO Martin Schroeter did say that IBM plans to spend $US1 billion on 2014′s cuts, plus or minus $US100 million, (the same as it spent in 2013) and that the layoff would occur in the first quarter.
Wall Street analyst Toni Sacconaghi, from Bernstein Research, said in a note to investors that he estimates IBM will cut at least 13,000 heads worldwide, as reported by Barrons Tiernan Ray. Sacconaghi figures it costs IBM about $US70,000 to let an employee go, reports The Poughkeepsie Journals Dan DAmbrosio.
Earlier this month, IBM reportedly let over 1,200 workers go in Europe And India. Alliance@IBM, which keeps an informal tally of U.S. employee headcounts, believes that IBM reduced its U.S. workforce by over 2,800 workers in 2013.
(Excerpt) Read more at businessinsider.com.au ...
hopeychangey from buttcrack odumbo
A lot of people are being freed from “job lock”. I wonder if they feel lucky?
Cut your international staff and run your business from the country that made you.
RE: Bammys fault.
Bammy actually considers this a GOOD thing. They can now enroll in Obamacare and are free of “job Lock”... free to pursue their passions like paint, make music or write poetry.
RE: Cut your international staff and run your business from the country that made you.
The problem is the country that made you is not the country that made it easy to start and do business anymore.
I didn't know there was a Union at IBM.
Salient point, but never the less, American companies need to come home.
And so another great company heads for the dustbin. Who’s next?
We have to understand this — companies do business FOR PROFIT. Patriotism isn’t the prime motive.
What is the point of doing business in one’s home country when one can’t make a profit at all? Might as well close shop.
Hence, IBM just recently SOLD its Low end Server Business to China’s Lenovo. Why? It’s not profitable for them.
I think theres no incentive for that.
Like we really need more hip-hoppers and gangstahs.
Yes I understand that but globalism is the undoing of our country. Other than Clinton it is how they steal our technology.
That looks like an old picture. The national debt is now approaching $18 Trillion, and there are now over 90 Million out of the labor force.
Somehow lotus notes will still survive. I would love to see that software die.
Microsoft will be next.