IBM Reveals Job Cuts Totaling 15,600

After months of surreptitious layoff notices, technology giant IBM Corp. revealed that it’s in the process of cutting more than 15,600 jobs, or 5% of its work force, by the end of September. Analysts had estimated the job cuts at 10,000.

IBM has said it was reducing its payroll, which stood at almost 320,000 employees at the end of last year, but didn’t reveal the actual figures until its filing with the Securities and Exchange Commission. The company cited a decline in corporate spending on technology services. But the Armonk, N.Y.-based company is also expected to undergo a surge in employees when it completes the acquisition of the consulting arm of accountancy PricewaterhouseCooopers, which employs 30,000.

Shares of IBM closed up 13 at $71.90 on the NYSE.