IBM cuts hundreds of British jobs amid near-25% profits hit

IBM's UK division has reportedly cut nearly 400 jobs in 2024, as the company's profit took a hit of almost 25%.

- JON ROBINSON

The American tech titan's UK workforce shrank from 7,309 to 6,920 over the course of a year, according to recent filings with Companies House.

This reduction follows an average employment figure of 7,660 recorded in 2022.

The reports also highlight a drop in IBM's pretax profit from £172.9m to £130.4m during the same period.

This decline comes on the heels of a profit surge exceeding £100m in 2023, driven by increased demand for the firm's AI and hybrid cloud services.