updated 11:35 am EDT, Wed August 14, 2002
IBM Corp. revealed that it is slashing about 15,600 workers, or about 5% of its total work force, according to a Nando Times article. The announcement was not made public, but rather disclosed with the Securities and Exchange Commission on Tuesday. Employees that were laid off were notified during the second quarter, which ended June 30. IBM blamed the layoffs on "the recent decline in corporate spending on technology services".