IBM to cut 1,000 jobs in its microelectronics division in the US

IBM has said that it is to cut around 4.6% of the jobs in its microelectronics division, with most of the cuts coming in its facilities in Vermont and New York State.

A spokesman for IBM said: "The industry, as you know, is in the deepest decline ever. We've been faring better than most and I think that is why we have not announced any reduction before this."