spot_img
Sunday, June 26, 2022
No menu items!
More
    spot_img
    HomeBusinessIBM begins layoffs in Russia

    IBM begins layoffs in Russia

    -

    Info-tech

    IBM decides on an orderly wind-down of its business in Russia

    Technology company IBM is winding up its business operations in Russia and started laying off its employees. Earlier in March 2022, the company had suspended its Russian operations.

    “As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, we have now made the decision to carry out an orderly wind-down of IBM’s business in Russia,” IBM CEO Arvind Krishna wrote in a memo to employees.

    “Our colleagues in Russia have, through no fault of their own, endured months of stress and uncertainty. I want to assure them that IBM will continue to stand by them and take all reasonable steps to provide support and make their transition as orderly as possible,” Krishna added.

    An earlier report by Reuters revealed that the US sanctions on Russian banks made it harder for the company to pay its workforce in Russia. A spokesperson told Reuters that there were several hundred employees in Russia.

    According to a report by Engadget, Russia accounted for around 0.5 per cent of IBM’s total revenue last year or $300 million of $57.4 billion. 

    Published on June 08, 2022

    You May Also Like

    Recommended for you

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Stay Connected

    0FansLike
    0FollowersFollow
    3,364FollowersFollow
    0SubscribersSubscribe
    spot_img

    Latest posts