ROCHESTER, Minn. (FOX 47) -- A major lay-off is underway at IBM's main campus in Rochester, and it's part of a worldwide cutback by the computer giant.
IBM set aside about one billion dollars to make the current round of job cuts and it's happening company-wide.
One analyst, interpreting the company CFO's own statements in the last IBM earnings call, believes this would pay for eliminating 13-thousand jobs worldwide.
Here in Rochester, sources tell Fox 47 meetings with affected employees began this morning and those working for Systems and Technology Group are among those targeted.
Another source is asserting about 550 people in Rochester will lose their jobs in this round of workforce adjustments.
IBM spokesman Doug Shelton confirmed the re-balancing of the company's worldwide workforce is to invest in Cloud, Analytics and Cognitive Computing.
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