Most of the “Resource Action” cuts will hit Europe and some departments. It should not shock anyone who knows a bit about IBM as the moves were hinted at last month in a fourth-quarter earnings call when CFO James Kavanaugh said he wanted to save "$3 billion a year by the end of 2024.

Biggish Blue said the latest move is not about saving cash but "transforming" the company.

More than 80 per cent of the cut target will be from Enterprise Operations & Support (EO&S) and Q2C missions, and Finance & Operations (including Procurement, CIO, HR, Marketing & Comms and Global Real Estate).

The European Works Council has told staff that about half of IBM's cut goal will hit staff levels across Europe.

As usual, IBM is looking for workers who are happy to leave with more cash rather than getting rid of someone who doesn't want to go.

Slovakia is to feel the worst pinch, with around a third of IBM's cuts in Europe hitting its International (shared services) Centre in Bratislava. There will be cuts at the centre in Hungary that help EO&S/ Q2C and the finance in Bulgaria.