VarBusiness is reporting that IBM is "quietly" laying off approximately 400 engineers from their Bladecenter development group. The move comes as IBM is trying to restructure and cut cost due to a lower than expected 2nd quarter earnings in the Systems and Technology Group. The job cuts are expected to affect engineers in several locations around the country. Each engineer has been given an opportunity to find another job within the company within 30 days or face termination. If employees decide to leave and or cannot locate another position within that period, then they will receive 1 weeks pay for every 6 months of service with the company. No word has been given if this move is an additional result of IBM's decision to invest $6 billion in India's high tech workforce.