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Bloomberg: IBM Plans To Cut About 10,000 Jobs In Europe

International Business Machines Corp. (IBM) is planning to cut about 10,000 jobs in Europe as part of its efforts to cut costs at its services unit ahead of planned spinoff of the business, Bloomberg reported Wednesday, citing people familiar with the matter.

According to the Bloomberg report, the job cuts will impact about 20 percent of staff in Europe, with employees in the UK and Germany likely to be most impacted. IBM is also planning job cuts in Italy, Belgium, Slovakia and Poland.

In October, IBM said it will spin off the managed infrastructure services unit of its Global Technology Services division into a new publicly-traded company and focus more on the cloud business.

The separation is anticipated to be achieved as a tax-free spin-off to shareholders and be completed by the end of 2021.

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