IBM to close China R&D department, affecting over 1,000 jobs, Yicai reports

IBM will completely shutter its China R&D, with resulting layoffs affecting over 1,000 jobs, Chinese media outlet Yicai reported on Monday, citing a statement from the company.

IBM, the world's biggest technology services company, did not immediately respond to a request for comment.

The decision comes amid the company's struggles with falling demand for its hardware and challenges in growth markets like China.

(Reuters)