IBM layoffs to start, report says

A $1 billion restructuring plan has prompted global computer services company IBM to start cutting employees, a source told Bloomberg on Wednesday.

According to an analyst, the $1 billion cost-cutting measures likely means that 6,000 to 8,000 people in a range of positions around the world will lose their jobs. IBM boasts a global workforce of more than 434,000.

“Change is constant in the technology industry and transformation is an essential feature of our business model,” IBM said in a statement.

“Consequently, some level of workforce remix is a constant requirement for our business. Given the competitive nature of our industry, we do not publicly discuss the details of staffing plans.”