IBM to cut 15,600 jobs

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Armonk, N.Y.--IBM Corp. is cutting approximately 15,600 jobs, primarily in the services division and microelectronics division, the company reported in a Securities and Exchange Commission filing on Tuesday. The computer giant disclosed the number as part of its effort to comply with new accounting directives. Layoffs began earlier this year as a way to slash costs, but the company had not yet specified the extent of the job cuts. The cuts come to about 5% of the approximately 300,000 employees that IBM employed at the beginning of the year.
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