IBM and SAP are cutting thousands of jobs | CNN Business

IBM\n \n announced the cuts Wednesday, saying they were related to the previously announced spinoff and sale of two business units. Some 3,900 positions, or 1.5% of its global workforce, are expected to go. The move will cost IBM\n \n about $300 million this quarter, a spokesperson confirmed. SAP\n \n , Europe’s largest software company, will lay off 2.5% of its global workforce of 112,000, or around 2,800 employees, according to an earnings report published Thursday.

An IBM spokesperson told CNN on Wednesday that the company’s cuts were related entirely to the reorganization of the two business units affected, “not an action based on 2022 performance or 2023 expectations.” The units affected are Kyndryl, an IT infrastructure services business that was officially separated from IBM in November, and IBM’s healthcare analytics business, which an investment firm is in the process of acquiring.

Recession is at the door.

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