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IBM's logo appears on the side of a building in Poland. Photo: Jakub Porzycki/NurPhoto via Getty Images

IBM announced layoffs Friday to its global force of approximately 350,000 workers, as a massive pandemic-inspired worldwide recession continues to take a toll on employment.

By the numbers: IBM won't say how many employees are being given notice in the cut, which was first reported by Bloomberg, but according to the Wall Street Journal the layoffs will hit several thousand workers.

The big picture: Layoffs in tech have already hit hard in digital media, startups and the gig economy. IBM's move is a sign that the downturn won't spare the large enterprise sector, either.

  • Hewlett-Packard Enterprise also foreshadowed job cuts in giving guidance as part of its earnings report on Thursday.

Our thought bubble: IBM's global consulting business is particularly vulnerable to the business downturn. Many companies in times of austerity will try to avoid laying off their own workers by instead cutting back on the kind of big upgrades and reorganizations that IBM specializes in managing.

What they're saying: "IBM’s work in a highly competitive marketplace requires flexibility to constantly remix to high-value skills, and our workforce decisions are made in the long-term interests of our business," said Edward Barbini, IBM VP of corporate communications, adding that the company would subsidize medical coverage for laid-off workers through June 2021.

Go deeper

Erica Pandey, author of @Work
Aug 18, 2020 - Economy & Business

The pandemic's toll on older workers

Photo illustration: Annelise Capossela/Axios. Photo by Bettmann/Getty Contributor.

The pandemic threatens to chip away at employment among workers over the age of 55 — an increasingly important part of the U.S. labor force.

Why it matters: As the world ages, the older population has become key to economic growth, both as workers and as consumers.

Scoop: Trump tells confidants he plans to pardon Michael Flynn

Photo: Alex Wroblewski/Getty Images

President Trump has told confidants he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty in December 2017 to lying to the FBI about his Russian contacts, two sources with direct knowledge of the discussions tell Axios.

Behind the scenes: Sources with direct knowledge of the discussions said Flynn will be part of a series of pardons that Trump issues between now and when he leaves office.

Erica Pandey, author of @Work
4 hours ago - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.