Lockheed Cutting 500 Jobs

Lockheed Martin said today it will cut 500 jobs in its information systems and global solutions business "in response to shifting government priorities, changing industry dynamics and efforts to improve IS&GS' competitiveness."

In July, Lockheed said it would review portions of its government IT and technical services businesses, which are primarily in the IS&GS unit, for potential spin-off or sale. However, the contractor said today's job reductions are unrelated to the review.

Lockheed said the reduction, slated to be made by mid-November, will include both voluntary and involuntary layoffs.