IBM Planning 10,000 Job Cuts in Europe Ahead of Unit Sale

International Business Machines is planning to cut about 10,000 jobs in Europe in an attempt to lower costs at its slow-growth services unit and prepare the business for a spinoff. From a report: The wide-ranging losses will affect about 20% of staff in the region, according to people familiar with the matter. The U.K. and Germany are set to be most impacted, with cuts also planned in Poland, Slovakia, Italy and Belgium. IBM announced the job cuts in Europe earlier in November during a meeting with European labor representatives, according to a union officer briefed on proceedings. The person asked not to be identified because the talks are private. IBM shares fell 1.6% at 9:37 a.m. in New York. They’ve declined 8.6% this year.