New York-based International Business Machines Corp. (IBM) is said to have begun job cuts in U.S. today according to a global restructuring plan announced in April after disappointing first-quarter earnings. The layoffs target employees with a range of seniority, from rank-and-file staff to executives, and few U.S. workers started receiving notifications of the cuts last night, reports added. This restructuring would cost $1 billion across the globe, including severance expenses.
Analysts have projected that IBM is likely to cut 6,000 - 8,000 jobs worldwide and from a variety of positions. The Armonk, New York-based firm faced its first earnings shortfall since 2005 after the company made profits of $3 a share in the first quarter, according to Bloomberg.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.