IBM denies reports of huge job cuts

IBM Corp on Monday denied media reports that it will cut 110,000 jobs, saying the layoff only involves several thousands employees.

In a response to a Forbes report that IBM would downsize staff by 26 percent, the company refuted it as "groundless" and said it will invest $600 million on corporate restructuring, with the number of employees involved being several thousands.

After a disappointing third-quarter earnings report, the company said it decided to initiate job cuts in some areas, even as it created more than 10,000 new jobs across the world.