IBM (NYSE: IBM) is undergoing a major internal restructuring as Chair and CEO Ginny Rometty tries to reverse nearly three years of dwindling returns. But is Big Blue really going to cut as many as 100,000 jobs – one quarter of its work force – as has been reported over the weekend?

Not even the Alliance@IBM is buying in completely to the story.

“Various members of the media are picking up on Robert Cringley’s assertion that 100,000 IBMers will lose their jobs next week in a massive reorg at IBM. The Alliance has no information that this is true and we are urging caution on reporting this number as fact,” wrote Lee Conrad, national coordinator of Alliance@IBM, said via email.

“But as you all know, anything can happen at IBM anymore and this is the time of year that IBM cuts jobs.”

Meanwhile, the Hong Kong Standard reported that IBM dismissed the 100,000 figure as ”totally ludicrous’.” The Standard cited a statement from the company in which IBM said $600 million had been set aside for restructuring. 

”That’s several thousand people. Not 10,000, or 100,000,” the statement as cited by The Standard said. It also said IBM had some 10,000 job listings.

Cringley, who contributes to Forbes,has predicted huge IBM job losses in the past.

“Next Week’s Bloodbath At IBM Won’t Fix The Real Problem,” he wrote in his latest post.

“I’ve been hearing since before Christmas about Project Chrome, the code name for what has been touted to me as the biggest reorganization in IBM history. Well, Project Chrome is finally upon us, triggered I suppose by this week’s announcement of an 11th consecutive quarter of declining revenue for IBM. Project Chrome is bad news, not good. Customers and employees alike should expect the worst.

“To fix its business problems and speed up its “transformation,” next week about 26 percent of IBM’s employees will be getting phone calls from their managers. A few hours later a package will appear on their doorsteps with all the paperwork. Project Chrome will hit many of the worldwide services operations. The USA will be hit hard, but so will other locations. IBM’s contractors can expect regular furloughs in 2015. One in four IBMers reading this column will probably start looking for a new job next week. Those employees will all be gone by the end of February.”

Breaking news … global reports

Numerous media outlets and bloggers jumped on Cringley’s report, and as the Alliance noted numerous IBMers have made comments at the Alliance website saying layoffs will hit at anytime.

“IBM’s stock gains amid reports that a massive layoff is coming,” reported MarketWatch Monday morning.

“Shares of IBM Corp. IBM, +0.31% are rising 1.2% in premarket trade Monday, on the heels of reports that the technology …”

Here are some more:

  • Report: IBM Employees Bracing for Colossal Layoff Starting Next Week

The VAR Guy: “IBM is set to begin laying off what could amount to 26 percent of its global workforce next week, according to one report on the rumored firings.”

  • IBM is about to get hit with a massive reorg and layoffs

ITworld: “IBM is expected to go through a massive reorg next month that will reportedly see 26% of its 430,000-strong work force let go, or 111,800 people.”

  • IBM To Cut More Than 110000 Jobs – Report

Sky News: “ IBM To Cut More Than 110,000 Jobs – Report. An unconfirmed report says IBM is embarking on a major reorganisation that will see it cut 26% of its …”

And: “IBM to cut more than 111000 jobs this week in largest corporate lay-off ever”

From the U.S. to Europe, to India … Other headlines:

  • IBM Set To Cut 26% Of Workforce
  • IBM is planning to layoff upto 110,000 employees.
  • IBM To Cut More Than 110,000 Jobs, Report Says
  • International Business Machines Corp. (IBM) To Layoff Over 100,000 Employees

However, if the Alliance is skeptical, everyone else should be as well.

Conrad is a retired IBMer who has many sources within the company. Then there are IBMers who contribute to the Alliance website. And the union is adding members, although numbers remain slow. But the Alliance has a pretty good idea of what’s happening across the company.

Not that Alliance is defending IBM. Hardly.

“Our job cuts reports section is filled with employee comments on being downgraded in their work evaluations (PBC) and slated for individual firings. We do believe this number will be high and it will be used to circumvent any requirement of a WARN notification,” Conrad wrote.

WARN refers to mass layoff notices that are required by law, but IBM has for years found ways to circumvent those requirements.

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IBM still employees several thousand people in North Carolina, and its RTP campus remains one of the company’s largest.