Recession forces IBM to sack 15,600 workers
By Our Corporate Bureau | 14 Aug 2002
New
York: IBM has revealed that it is in the process of
cutting more than 15,600 jobs, or 5 per cent of its workforce.
The total layoff figures, which IBM never announced publicly,
appeared in a filing with the Federal Securities and Exchange
Commission. Employees losing their jobs were notified
in several batches during the second quarter, which ended
30 June 2002.
The majority of the jobs lost were in the global services unit, with some workers also laid off in its servers and software businesses. A further batch of layoffs dismissed 1,400 workers from the company''s Microelectronics division, which manufactures semiconductors.
“The workforce reductions are intended to drive productivity and efficiency throughout the company,” says IBM spokeswoman Carol Makovich.
IBM blames the cuts on “the recent decline in corporate spending on technology services. By September 30, when most of the laid-off workers are expected to have departed, IBM’s workforce will have been cut from 320,000 to around 305,000,” says Makovich.
Latest articles
Featured articles
The battery race: who will control the future of electric vehicles?
By Axel Miller | 08 Apr 2026
The global battery race is reshaping the electric vehicle industry, with China, the US, and Europe competing for control over supply chains and technology.
AI vs governments: Who controls the future of intelligence?
By Cygnus | 07 Apr 2026
Governments and AI companies like OpenAI and Anthropic are shaping the future of intelligence amid rising policy conflicts and global competition.
Strait of Hormuz: how one chokepoint controls the global economy
By Axel Miller | 06 Apr 2026
The Strait of Hormuz is a critical global chokepoint. Learn how disruptions impact oil prices, shipping, and the global economy.
The $2 trillion AI infrastructure race: Who will control global compute?
By Cygnus | 06 Apr 2026
AI spending is set to exceed $2 trillion in 2026, driving a global race in data centers, chips, and energy infrastructure.
.webp)
Artemis II and the economic outlook for lunar infrastructure
By Axel Miller | 01 Apr 2026
Artemis II will test deep-space systems and support future lunar missions, shaping the next phase of the global space economy.
Synthetic diplomacy: The $50 billion mirage and the new era of market-moving deepfakes
By Cygnus | 30 Mar 2026
Synthetic diplomacy shows how deepfakes could trigger market volatility, highlighting the growing need for verification in global financial systems.
AI war shifts gears: chips, drones reshape global power
By Cygnus | 27 Mar 2026
AI competition is shifting as chips, drones and supply chains reshape global power, impacting tech, defense and business strategies.
Trump’s Iran strike delay lifts markets, but risks remain elevated
By Axel Miller | 24 Mar 2026
Trump’s Iran strike delay eased market fears, sending oil lower and lifting Sensex. Risks remain as geopolitical tensions continue.
The rise of the ‘ghost executive’: how autonomous AI agents are entering the C-suite
By Cygnus | 17 Mar 2026
Autonomous AI agents are influencing business decisions and reshaping leadership structures as companies adopt agentic AI systems in 2026.
Latest articles
