WHEN THE MIGHTY FALL, IT'S NEVER A PRETTY SIGHT. But few could imagine how grim until International Business Machines announced its most traumatic cutbacks to date. In its fifth major restructuring in the past seven years, the world's largest computer company plans to shed more unprofitable and ill- fitting businesses in 1993 and slash its work force 8%, or 25,000 employees. The latest round of reductions will include the first involuntary layoffs in the company's 78-year history and will result in a $6 billion pretax charge for the fourth quarter.
In recent years, IBM has lost share in market after market,...
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