Source Pravda.Ru

IBM cuts between 10,000 and 13,000 jobs

IBM plans to cut up to 4 percent of its &to=http:// english.pravda.ru/society/2002/08/14/34533.html ' target=_blank>workforce will hit Germany, Britain, Italy and France, but also include cuts in the United States, the company's chief financial officer said on Thursday.

CFO Mark Loughridge told investors on a conference call that the cuts, which could range between 10,000 and 13,000 jobs, will generally be voluntary in Europe but involuntary elsewhere, specifically in the United States.

Loughridge said the world's largest computer company expects to realize about $300 million to $500 million in savings during the second half of 2005, and a $1 billion or more during 2006 as a result of its restructuring actions. This amounts to around 1 percent of total corporate spending, informs Reuters.

Last week, &to=http:// english.pravda.ru/comp/2002/08/01/33619.html ' target=_blank>IBM Chief Executive Sam Palmisano told shareholders at the company's annual meeting that the company was working to "move people and resources out into the field, closer to clients."