IBM Lays Off 1,700 Employees As Part Of Restructuring Plan
Zacks Investment Research | Jun 09, 2019 09:23PM ET
International Business Machines (NYSE:IBM) has come up with a restructuring plan which includes massive layoff. The company reportedly announced plans to terminate around 1,700 employees from several of its units in different locations.
IBM on Friday said that the restructuring was necessary in order to focus more on high-value segments of the IT market. It further added that it will employ more staff in newer and key areas to offer higher value service to clients.
Notably, IBM has around 340,000 employees and the job cut will effect around 0.5% of its workforce.
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