IBM reportedly axing around 1,600 US jobs as part of billiondollar restructuring

Missing your earnings target by five cents a share wouldn't trouble most companies -- but IBM isn't like most companies. That's why it's reportedly implementing a billion-dollar restructuring program that'll see up to 8,000 jobs being lost from the firm. The Alliance@IBM union is reporting that over 1,600 jobs in the US have already been cut, including 165 from chip research and 121 from storage development. Given that the company is also working out ways of making supercomputer Watson pay its own way, it seems that no-one's immune to a spot of belt-tightening.