IBM Corp.'s $1 billion global restructuring has resulted in more than 1,600 confirmed layoffs so far, with more to come, according to a labor group, and will siphon an estimated $35 million to $55 million in income from the Dutchess County economy alone.

Lee Conrad, national coordinator of the Alliance@IBM, a unit of Communications Workers of America Local 1701, said the domestic layoff total his union has tallied so far is expected to rise.

Economist Christy Huebner Caridi, director of the Marist College Bureau of Economic Research, said IBM's workforce has been contracting for years, but the latest round will leave a significant hole in Dutchess economy, which is losing 697 jobs, according to County Executive Marcus Molinaro.

Wall Street cheered the cost-cutting strategy that came as part of a $1 billion restructuring amounced earlier this year among lower-than-anticipated profits, sending shares of the Armonk-based company up $2.57, or 1.28 percent, to close at $203.77 Thursday

By: DocMemory
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