IBM's New CEO Plans Layoffs

International Business Machines (NYSE: IBM) is gearing up to lay off workers amid the COVID-19 pandemic, the first such action by CEO Arvind Krishna, who took on the role in April.

IBM hasn't said how many employees it's letting go, but a source told The Wall Street Journal the move could eliminate several thousand jobs. The idea is to better align the tech stock with the current demand and to ensure it is agile in meeting the needs of new and existing customers. In a statement to the WSJ, IBM said its business requires it to easily remix the skills needed on a constant basis. IBM ended 2020 with 352,600 workers.

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