NewCo indeed...
I'm willing to bet a round for the entire Reg staff that within 30 days of NewCo's formation, a "surprise takeover bid" will be submitted by Wipro, Infosys, Tata, Cognizant or HCL. Newish IBM has delusions of being a white-shoe management consultancy like McKinsey or BCG, and having "work-doers" or "thing makers" on staff would sully that image -- they only want thinkfluencers.
I'm shocked that DXC hasn't been completely parted out and the corpse sold to one of the Indian outsourcers yet...but I fully expect NewCo will just re-issue their employees' badges and complete moving all the work to the cheapest possible location. Both will likely end up just making one of the offshore outsourcers slightly larger...it's not like there was a ton of innovative talent left in either of these orgs after the multiple spinoffs and the redundancies.
Biting the hand that feeds IT
