IBM has announced it is to cut 1,500 jobs at its microelectronics division, as the company attempts to restructure itself following disappointing sales figures. Sales have fallen short of analyst's expectations by $1 billion for the last two financial quarters. IBM plans to restructure the remnants of its microelectronics division, in order to create a new division focusing on custom design projects for other manufacturers.
The job cuts are the latest in a series of layoffs announced by IBM in recent weeks. Between 7,000 and 9,500 jobs have already gone at the company’s services and server divisions. Experts believe that IBM will shed around 2%-6% of its total worldwide workforce during the current program of organizational restructuring.
