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  2. MIDRANGE-L
  3. May 2002

Re: Rueters news article on IBM actions

Or

IBM plans to 3% of work force to pay for Lou G's retirement payout and to
realign financial reporting practices that over the last several years have
reported pension information as revenue.

or something like that.

John C.
---------------------------

         SNIP
Sources familiar with the situation have said IBM plans to cut 7,950 to
9,540 jobs, or 2.5 percent to 3 percent of its work force.
IBM has declined to comment on the broad cuts, but its new chief executive,
Sam Palmisano, hinted of such reductions during a recent meeting with
analysts. [SNIP] Palmisano says the company needs to cut costs to align
operations with weaker corporate demand for new technology.
  REUTERS © 2002 Reuters

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