Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
IBM, SAP to cut thousands of jobs amid tech layoffs
Business Standard
|January 27, 2023
Dow, EY also announce cuts
-
IBM Corp and SAP SE have joined the list of global technology companies that are slashing thousands of jobs as their profits come under pressure from a slowing global economy.
American tech giant IBM delivered an upbeat annual sales forecast on Wednesday while announcing that it would eliminate about 1.5 percent of its global workforce. The reductions will amount to a "ballpark" figure of 3,900, Chief Financial Officer James Kavanaugh said in an interview. The cuts will focus on workers remaining after spinning off the Kyndryl and Watson Health units and will cost the company about $300 million, he said. IBM still expects to hire in the "higher-growth areas," Kavanaugh said.
IBM's current headcount is 260,000, Kavanaugh said. That is about 22,000 lower than the figure disclosed for December 2021.
This story is from the January 27, 2023 edition of Business Standard.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Business Standard
Business Standard
Exim cargo at India's ports fell by 2% in April
With the West Asia war choking the vital Strait of Hormuz, India’s ports — both state-owned and private — reported a near 2 per cent year-on-year (Y-o-Y) drop in international maritime cargo during April, led by decreased volumes in crude oil, fertilisers, and coal.
2 mins
May 25, 2026
Business Standard
‘1st micro-LED screen rollout in 22 months’
With the government deploying most of the ₹76,000 crore earmarked under the Indian Semiconductor Mission, Minister of Electronics and Information Technology Ashwini Vaishnaw, tells Surajeet Das Gupta in an email interview that this year many projects on micro-LED (light emission diode) panels and micro chips will start. Edited excerpts.
3 mins
May 25, 2026
Business Standard
New theatre command would be unique: CDS
General Chauhan says plan sees India's geography as an entity, looks beyond
3 mins
May 25, 2026
Business Standard
ICICI Bank seeks ₹100 cr recovery from fintechs
Growing discomfort among banks over eroding interchange income
3 mins
May 25, 2026
Business Standard
'India has responsibilities both in continental & maritime domains'
Chief of the Defence Staff (CDS) General Anil Chauhan said the integrated theatre command plan he has proposed to the government takes into consideration India’s strategic challenges on land and opportunities in water. In an interview with Satarupa Bhattacharjya in New Delhi on May 21, the CDS also spoke about Operation Sindoor, the India-China border and India’s defence budget. Edited excerpts:
6 mins
May 25, 2026
Business Standard
ECLGS 5.0 finds traction as MSMEs look for buffer
Bankers are seeing early traction under the Ministry of Micro, Small and Medium Enterprises (MSME) credit support scheme Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, with a steady rise in enquiries and applications from small businesses, although lenders cautioned that it was too early to gauge the eventual outcome.
2 mins
May 25, 2026
Business Standard
India’s extreme heat spell giving parametric insurance a longer season
Rising temperatures and climate change are driving demand for parametric insurance cover, as heatwaves and erratic weather increasingly affect livelihoods, productivity and health, according to insurance industry experts.
2 mins
May 25, 2026
Business Standard
Transport snags at Mundra, Nhava Sheva expose weak links in logistics chain
The recent cargo movement disruptions at Nhava Sheva and Mundra should not be treated as something routine. It is a warning that India’s export-import logistics can be unsettled by weaknesses away from the ports.
2 mins
May 25, 2026
Business Standard
Noel, Chandra break ice ahead of board meet
The chairmen of Tata Trusts and Tata Sons — Noel Tata and N Chandrasekaran—are learnt to have met during the weekend, putting an end to a three-month long communication logjam between the two amid dissonance within Tata Trusts.
2 mins
May 25, 2026
Business Standard
Students rethink overseas study plans amid ₹ slide
Deferred study plans, shrinking interest in high-cost degrees, and a growing exit from traditional study destinations — these are some of the responses emerging among Indian students as the rupee’s slide makes overseas education significantly more expensive.
3 mins
May 25, 2026
Translate
Change font size