A round of IBM layoffs 2019 are on the way at the tech company.
Here’s what we know about IBM (NYSE:IBM) laying off employees.
- The company is planning to lay off roughly 0.5% of its workforce.
- The company’s total number of employees is around 340,000.
- This means that the IBM layoffs 2019 will only be hitting about 1,700 employees.
- This confirms talk of IBM layoffs 2019 that were spreading through unofficial sources.
- Some of these talks were coming from TheLayoff.com, which is a forum focused on layoffs.
- A company spokesperson says that these layoffs are part of its realignment plan.
- IBM is looking to better focus on parts of the IT market that are high value.
- It also notes that it is continuing to hire aggressively in new areas of its business that it is looking to grow.
- IBM also has other plans for how to grow its business, outside of hiring new employees.
- The company is also currently involved in a deal that will have it acquiring software developer Red Hat for $34 billion.
- Red Hat will be bringing its roughly 13,000 employees with it when it joins IBM.
- According to Martin Schroeter, Senior Vice President of Global Markets for IBM, the deal is about to reach its close.
IBM stock was up 1% as of noon Friday and is up 14% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.