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   From: no_penises@latimes.com   
      
   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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