Kyndryl, spun out from IBM, is facing unpublicized layoffs as it struggles to win new IT contracts, reflecting a significant workforce reduction since 2021.
The IT firm has cut its workforce by 11% in fiscal 2024, going from 90,000 to 80,000, with expectations for further reductions in fiscal 2025.
Employees report being put 'on the bench' as part of the layoff strategy, indicating that many departments are seeing substantial job cuts without public announcements.
Kyndryl's projected spending on workforce changes indicates an anticipated loss of around 5,200 employees in fiscal 2025 following the $100 million investment in layoffs.
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