IBM quietly cuts thousands of jobs (AP)

SAN FRANCISCO - With the recession forcing tech companies to announce thousands of layoffs, IBM Corp . is joining the fray — but not advertising it.

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The Armonk, N.Y.-based company has cut thousands of jobs over the past week, including positions in sales and the software and hardware divisions. IBM says the cuts are simply part of its ongoing efforts to watch costs, and the company won't release specific numbers, even as reports of firings stream in from IBM facilities across the country. One of IBM's biggest rivals — Hewlett-Packard Co . — is also laying people off. HP is shedding 24,600 jobs, nearly 8 percent of its 320,000-employee work force, as it digests the acquisition of Electronic Data Systems Corp .

Full Story: IBM quietly cuts thousands of jobs (AP)