IBM and Texas Instruments (TI) have become the latest technology firms to announce mass job cuts.BM, meanwhile, has yet to issue any official total, but the layoffs are believed to be in the thousands. The Wall Street Journal put the figure at 2,800, while Associated Press cited labour unions as estimating the total at more than 4,000.The company estimates that the cuts will amount to $700m (£491m) in annual savings. TI expects to pay out roughly $300m (£210m) in severance and other charges relating to the cuts.
TI revealed in its latest earnings call that slowing demand linked to the economic crisis will force the company to cut roughly 12 per cent of its staff, 3,400 jobs in total. Around 1,600 employees will take voluntary retirement and departure deals, and 1,800 will be laid off.
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