View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 18, 1995

IBM TO TAKE NEW $800m HIT THIS QUARTER AS VAST RESERVE RUNS OUT

By CBR Staff Writer

IBM Corp wrongfooted the analysts yesterday by implying that it has exhausted the vast $8,900m reserve it took in 1993 to cover the cost of foreseeable job cuts and restructurings. As recently as last month, analysts were insisting that although IBM might make further job cuts shortly, it had almost certainly still got enough of the reserve left to cover the cost (CI No 2,751). But yesterday, IBM said it planned to take an additional charge of $800m against this quarter’s figures to pay for ongoing expense reductions, which will include staff cuts. The limited workforce reductions will occur in some business units in the fourth quarter, it said, but it did not give more specific information or numbers. Consolidations of leased space and related actions will also continue.

Topics in this article :
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU