“See that chopping block? Head over there please.”

So reads the headline in the U.K. tech news website The Register.

IBM (NYSE: IBM) is preparing to make job cuts in the U.K. as part of its ongoing reorganization, and billionaire Warren Buffett concedes he “could be wrong” about his major investment in Big Blue.

Sources tell The Register that 123 of 900 jobs in IBM’s UK lab teams are expected.

“Changes at Labs are not isolated,” The register adds.

“Big Blue is also making significant changes in Global Technology Services, putting 1,352 staff at risk of redundancy with a view to reducing headcount by 185 jobs.”

An IBM spokesperson told The Register that a “consultation process” with worker reps has begun.

“IBM continually remixes skills – our clients expect no less as they look to IBM to help them take advantage of innovations and new technologies. Globally IBM continues to invest in skills needed for the future,” she told The Register.

Buffett speaks

On CNBC early Monday, Buffett was asked abut his Berkshire Hathaway’s major stock investment in Big Blue, which has seen its stock decline some 18 percent over the past year.

“What you pay for a stock doesn’t mean anything. What means something is where the company’s going to be in five to 10 years,” Buffett said. “I think IBM will be worth more money but, like I said, I could be wrong but we’ll accept that.”

CNBC notes that Berkshire Hathaway took a $2.6 billion hit in 2015 on its 8.6 percent ownership of IBM stock.

IBM employs several thousand people at its campus in RTP and across North Carolina.

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