IBM cutting 1,000 microchip jobs

Kelly McNeill writes “The lagging semiconductor market has caught up with computing giant IBM , which announced Wednesday that it would eliminate nearly 5 percent of its microchip positions IBM has been able to avoid the kind of heavy cutting made by competitors in response to the limited demand for semiconductors, which power PCs and other electronic devices. However, Big Blue said it, too, had to cut costs through job reductions to offset the weak chip market, which has recently seen its worst decline in history.”