Big Blue has reportedly begun the workforce reductions it said in April it would make. IBM (IBM) has said it would spend $1 bil on the reductions, which target employees at all levels, including line workers as well as executives. IBM announced the cuts after its Q1 profit of $3 per share missed analysts' $3.05 target. IBM will likely cut 6,000-8,000 jobs, about 2% of its workforce, Oracle Investment Research told Bloomberg. IBM shares fell 1.4% to 201.20 .