Having worked at IBM for 20 years, I have some insight into what was going on within the company. During the early 90’s IBM had approximately 400,000 employees world wide — 250,000 of those employees were within the U.S. Around 1993 Lou Gershner took the helm and became the grand hatchet man!! Within about 1-1.5 years he shaved 150,000 employees from the rolls — we were down to ~250K total.
Now today IBM is back up to about 400K employees world wide. However, less than 100K of those jobs are in the U.S.!! What happened you ask? A LOT of American jobs went to India and China!! They started moving jobs to Russia, but found they were too expensive — ~$25K/year!! I personally talked to Indian technical people with masters degrees who were paid less than $20K/year. And when they try to get a job within the U.S, they don’t get paid any more!!? (Now you see why they have 6-10 people in one apartment here.)
Read the numbers and activity over the past several years here.