• Screw you IBM. IBM to cut thousands of jobs as coronavirus plays out.

    From Bradley K. Sherman@no_penises@latimes.com to alt.fan.rush-limbaugh,comp.sys.ibm.pc.hardware.storage,sac.politics,alt.politics.democrats,alt.politics.economics on Tue Jul 14 10:42:10 2020
    From Newsgroup: comp.sys.ibm.pc.hardware.storage

    Layoffs at International Business Machines are in the works, the
    company confirmed to FOX Business.

    "IBM’s work in a highly competitive marketplace requires
    flexibility to constantly remix to high-value skills, and our
    workforce decisions are made in the long-term interests of our
    business. Recognizing the unique current conditions, IBM is
    offering subsidized medical coverage to all affected U.S.
    employees through June 2021" a company spokesman said in a
    statement.

    The company declined to disclose where the cuts would take
    place, but Bloomberg which was first to report the developments
    said the reductions would be spread across at least five states,
    leaving longtime employees suddenly out of work as the
    coronavirus pandemic has chilled the economy. Employees in
    California, Missouri, New York, North Carolina and Pennsylvania
    were affected.

    The company withdrew its annual forecast last month as the
    pandemic slowed software sales. And CFO James Kavanaugh
    discussed the need to stay nimble. "We took structural actions
    to improve the competitiveness of our Global Technology Services
    business" he said during the April earnings call.

    Earlier this month, CEO Arvind Krishna said IBM wouldn’t even be
    cutting its 5 percent dividend.

    "I believe that we actually have enough financial stability,
    including a secure dividend," Krishna previously said on FOX
    Business Network's "Mornings with Maria." "The dividend is
    occupying a little bit more than half our free cash flow. It's
    not like it's occupying all of it, and that leaves enough
    flexibility for us to do it."

    https://www.foxbusiness.com/markets/ibm-cuts-thousands-of-jobs-
    report

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