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By George Mannes Layoffs? What Layoffs? Oh, Those Layoffs. Over the past few months, everybody has known that IBM (IBM:NYSE - news - commentary - research - analysis) was cutting back. This week, we found out how much.
After playing it coy during second-quarter earnings season, Big Blue finally let it slip in its quarterly filing with the Securities and Exchange Commission. Turns out the company is cutting 14,213 positions from its services business. Add that to previously disclosed job cuts in the company's microelectronics business, and you get IBM laying off about 5% of its workforce. Which reminds us of a joke: When an economist says that the level of employment in the economy is "acceptable," that means the economist still has his job.
from: http://www.thestreet.com/markets/dumbestgm/10037947.html
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