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                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, February 25, 1993                   TAG: 9302250112
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

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IN BUSINESS

IBM makes it official: 500 jobs will be cut

NEW YORK - After months of hinting, International Business Machines Corp. said Wednesday it will order the first layoffs in its history. The layoffs will be among 500 jobs cut from the staff at the computer maker's Armonk, N.Y., headquarters.

The cuts would amount to 150 corporate staff jobs and about 350 jobs in units that provide services to IBM's independent businesses.

IBM reported a 1992 loss of nearly $5 billion. It had a work force of 300,000 at the end of last year, down from a high of 407,000 in 1986. - Associated Press

Former budget chief joins investment firm

WASHINGTON - Richard Darman, former President Bush's budget director, has joined a Washington-based investment firm as a managing director.

The Carlyle Group said Darman would specialize in investment opportunities in health care and biotechnology, energy and the environment, insurance and transportation.

Darman had tremendous influence over economic policy during Bush's presidency. He was blamed by conservatives for Bush's decision to renege on his "read my lips" pledge against raising taxes. - Associated Press

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