Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
IBM, the US-based global technology and consultancy company, has announced that it will reduce its global workforce by 3900 employees. The job cuts will impact the company's spinoff Kyndryl business, which is part of the AI-specific unit, Watson Health.
IBM has reported the layoffs will cost the company €300 million for the Jan-March period. IBM has hit revenue targets, however, the cuts are due to asset divestment and missed annual cash targets. There is no information on where the job cuts will occur or how the restructuring process will take place.
In 2022 business expansion has been recorded for IBM in the ERM Events database: 150 employees in Portugal (IBM-2022-PT), 100 employees in Croatia (IBM-2022a-HR) and 200 employees in Ireland (IBM-2022b-IE).
Eurofound (2023), IBM, Internal restructuring in World, factsheet number 108239, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108239.