See the bottom of this it says that the merger "could result in 65,000 layoffs" - the emphasis is on "COULD" but even if a fraction of this is correct we'll have major issues on both sides - many people will not be happy - The executive bonuses will grow ever larger - oh, well, synergies...
Here is the link:
http://www.investors.com/news/technology/how-ibm-xerox-get-impacted-by-hpe-services-spin-off-csc-merger/?ven=YahooCP&src=AURLLED&ven=yahoo