TECHNOLOGY - Nov. 12, 1994
From Times Staff and Wire Reports
IBM to Cut 1,000 Jobs: The world’s largest computer maker said that over the next few weeks it will cut 700 jobs from its microelectronics division, or about 5% of the division’s work force. In the software solutions division, 300 employees were notified that their positions will be eliminated. The reductions are part of a turnaround program that has slashed Big Blue’s costs by $5.6 billion since the end of 1992. IBM’s losses totaled almost $15 billion in 1992 and ‘93, largely because of plummeting revenue from mainframes. IBM aims to trim its work force in 1994 to 222,000, a reduction of about 35,000 employees. IBM shares rose 37.5 cents to $72.375 a share on the New York Stock Exchange on Friday.
