International Business Machines is planning to cut about 10,000 jobs in
Europe in an attempt to lower costs at its slow-growth services unit and
prepare the business for a spinoff. From a report: The wide-ranging
losses will affect about 20% of staff in the region, according to people
familiar with the matter. The U.K. and Germany are set to be most
impacted, with cuts also planned in Poland, Slovakia, Italy and Belgium.
IBM announced the job cuts in Europe earlier in November during a meeting
with European labor representatives, according to a union officer briefed
on proceedings. The person asked not to be identified because the talks
are private. IBM shares fell 1.6% at 9:37 a.m. in New York. They’ve
declined 8.6% this year. …
