Kyndryl Slashes 2,000 Jobs From Workforce in Tech Downturn

Kyndryl, the IBM spinoff providing consulting and tech services, laid off 2,000 employees on Thursday. The company said the terminations are part of a process to transform and streamline its internal systems.

What they said: In a statement to Bloomberg, Kyndryl said that the cuts were a “small percentage” of its 90,000 global workforce.

• “We are eliminating some roles globally… to become more efficient and competitive.”
• “These actions will enable us to focus our investments in areas that directly benefit our customers and position Kyndryl for profitable growth.”

Declining revenue: Since being spun off from IBM in November 2021 to grow its infrastructure management and cybersecurity business, Kyndryl’s revenue has declined.

• Kyndryl reported revenue of $4.3 billion in its third fiscal quarter 2023, down 6 per cent from the previous quarter.
• Former employees suggest that the tech company already started “benching” people they no longer needed back in January.

Impact on Canadian staff

While the exact number of Canadian employees affected by the layoffs at Kyndryl remains unclear, some of those who have been let go have contacted Samfiru Tumarkin LLP to review their severance packages.

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If you’ve lost your job at Kyndryl for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.