According to this blog IBM is cutting 2,800 workers - which is probably only about 1% of their workforce but still quite traumatic if you are part of that 1%.
I've been laid off myself in the past so I sympathize deeply with that 1% however it's probably the right thing for IBM to do. I'd be a lot more worried if IBM's response to the current economic climate was to pretend that the global downturn wasn't going to affect them.
Here's a hint for any technical people who are laid off - surf through PlanetLotus and contact any bloggers that are in your area asking if they know of any opportunities. This kind of jobhunting may be right on the edge of Yancy's preferred Code of Conduct but I figure that Loti and affiliates are here to help each other and these are unusual times.
Personally I'm not looking for any new resources this month but if you are in Sydney (or looking to relocate) then feel free to send me your details for future reference. If you don't know the skills I'm looking for then you obviously haven't been reading my blog :)
Good luck to you ex-IBM people.