Guess this information wasn't contained in any of the books on AK's bookshelf from one of his most recent videos to employees:
https://www.businessinsider.com/ibm-shows-firing-workers-during-great-depression-coronavirus-mistake-2020-5
5 replies (most recent on top)
Agree, COVID is just a cover. IBM had already planned these layoffs before that... and it is not over, expect another round before the year is over.
Covid is just a cover.....
The share buyback over the decades by Sam and Ginni was grave mistake, pure financial engineering with short-term vision. We have probably bought over $100B in share buybacks. At the end, IBM shrank and have gone nowhere. We should have acquired niche companies outright with that money all along and broaden our capabilities to be essential. Since 2000s, monthly layoffs with ultimate secrecy became the norm. There are plenty of great IBMers inside IBM even now - but everyone will tell you that our DNA has changed forever.
This "not earning enough" mentality is madness. They are still a few billion$ per year profitable, even during pandemic, but because they want to make MORE billions they destroy tens of thousands of lives?
We RAed people can feel good after by such articles but its not always true. if a company is not earning enough and has no business during crisis what you expect?