Associated Press
IBM is pooh-poohing a published report that the giant technology company is planning a big reorganization and massive job cuts affecting more than 100,000 people.

SAN FRANCISCO — IBM is pooh-poohing a published report that the giant technology company is planning a big reorganization and massive job cuts affecting more than 100,000 people.

The company disclosed plans for some layoffs last week, but it says in a statement that they affect "several thousand people," or "a small fraction of what's been reported."

That's in contrast with a report that appeared last week on the website of Forbes magazine, which predicted as many as one in four IBM employees might lose their jobs in a massive shake-up called "Project Chrome." IBM issued another disappointing earnings report last week that showed fourth-quarter revenue and net income had fallen.

The company says some workers will leave as IBM "rebalances" to make room for hiring about 15,000 workers with new skills.