So what will be the next step in IBM’s “rebalancing” efforts?

Big Blue announces its latest earnings this week, and as the countdown to possibly more bad news continues its “rebalancing” that was announced at the end of the previous quarter continues to cost IBM workers their jobs across North America. The latest body count now tops 3,300.

Just last week, Goldman Sachs downgraded IBM to “Neutral” from “Buy” and cut its share target price to $200 from $220. 

Noted analyst Bill Shope in StreetInsider.com’s story: “Our Buy rating on IBM has been largely based on our view that the company’s business model provides a unique source of counter-cyclicality during periods of volatile IT spending. Unfortunately, we believe that pressures on IBM’s growth markets and higher-margin revenue streams may intensify in the near term, weakening some of the key sources of IBM’s earnings and cash flow resiliency in coming quarters.”

Based on “resource action” documents that specify layoffs by work groups, IBM has told 3,304 employees across 51 groups to find jobs elsewhere within the company or leave.

Here are the latest totals as provided by Alliance at IBM, the union seeking to represent Big Blue workers:

  • STG Storage Systems Development: 121
  • STG lab Services and Tech Training: 52
  • STG Test Site Design: 59
  • STG SSE Intellectual Property: 64
  • BT/IT CIO Enterprise Transformation: 4
  • Corporate Marketing and Communication: 83
  • Software Group tivoli: 98
  • Software group WW Services and Education: 22
  • STG Semiconductor Research and Dev: 165
  • SO Delivery Integrated Competencies: 46
  • GPS Solutions and Delivery: 116
  • Software Group Marketing: 222
  • Research: 65
  • GBS AMS IBM Global Account: 123
  • STG Operations and Transformation: 34
  • Software Group NA Software Sales: 63
  • SO sectors (GSSR): 31
  • Software Group Information Management: 137
  • Software group Industry Solutions: 126
  • STG High Speed links, Cores and Memory: 67
  • SO Delivery HQ Cloud Development and Delivery: 40
  • GBS AMS Commercial Delivery: 27
  • STG Power Software Development: 64
  • GBS PS BusinessAnalytics: 39
  • STG Pureflex & System X Software Development: 32
  • STG Advanced Microelectronics Solutions: 114
  • STG Worldwide Client Care: 30
  • STG IBM I Development: 60
  • STG System Z Software Development: 45
  • Software Group Security: 22
  • STG ISV Global Support: 35
  • IBM S&D Communications Sector: 3
  • Software Group Rational: 59
  • ISC Sales Transaction Support OIST: 70
  • STG Systems Technology Development: 24
  • SWG Application and Integration Middleware: 86
  • STG Systems Solutions Dev: 56
  • GBS CS Industrial Sector: 32
  • STG Electronic Design Automation: 106
  • STG Competitive lab and Technical Sales Centers: 35
  • Software Group Collaboration: 115
  • STG Storage (ISSA): 41
  • STG Server & Storage Engineering System Test: 97
  • S&D Global Techline and Channel Technical Sales: 9
  • ISC Engineering: 75
  • Software Group East Region Sales: 40
  • STG Burlington Site Operations: 8
  • STG Cloud Systems SW Development Resource Action: 70
  • STG Burlington Semiconductor MFG and Development: 93
  • GBS CS Financial Services Sector: 14
  • STG WW STG Tech Support: 65

Total cut so far. says Alliance: 3304.

This figure does not include job cuts in numerous other countries, including China.