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EDS cuts 5,200 jobs

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Plano, Texas--Richard Brown, chairman-CEO of Electronic Data Systems Corp., said Thursday in a meeting with analysts that the computer services company will cut 5,200 jobs, according to the Associated Press. EDS has lost its leadership position in computer services to IBM Corp. The job cuts will reduce EDS' workforce by about 4%. James Daley, EDS' CFO, warned that additional job cuts may be necessary to achieve the company's $1 billion cost-savings goal. In the first quarter of 1999, EDS reported a net loss of $20.6 million in the first quarter on revenue of $4.3 billion.
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