IBM Cuts Hours of Contract Employees as Company Retrenches
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International Business Machines Corp., cutting costs in the wake of its first quarterly earnings shortfall in eight years, ordered some U.S. contract workers to reduce their hours, according to a memo obtained by Bloomberg.
CDI Corp., a provider of staffing and outsourcing services, told employees working on IBM jobs that they should bill for no more than 36 hours a week in the second quarter, according to the memo. CDI, based in Philadelphia, cited “challenging economic conditions” in explaining the move.