IBM to Take $2-Billion Charge for Job Cuts

IBM Corp. plans to take a pretax charge of $2 billion to $2.5 billion, primarily in the second quarter, to cover job cuts from a restructuring amid weak technology spending.

The world’s largest computer maker said the majority of its work-force reductions were complete. IBM said earlier that it cut 1,500 microelectronics jobs, pushing above 5,000 the estimated total of jobs cut companywide.

Armonk, N.Y.-based IBM has quietly trimmed its 318,000-member work force in recent weeks as Chief Executive Sam Palmisano tries to align costs with customers’ reduced technology spending. Other recent actions aimed at cost cutting include IBM’s decision to sell its money-losing hard disk drive business to Hitachi Ltd..

On the New York Stock Exchange, IBM shares closed at $79.31, up $1.20--near lows set five years ago.