https://www.eastbaytimes.com/2023/01/26/ibm-and-sap-are-cutting-thousands-of-jobs/

IBM and SAP are the latest tech companies to slash thousands of jobs, as they reorganize businesses and profits come under pressure from a slowing global economy.

IBM 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 about $300 million this quarter, a spokesperson confirmed.