Just a few days after beating the street on the past year's financial performance, IBM cuts pay by 15% for a swath of US employees. This was IBM's response to a lawsuit filed by said employees claiming that they are entitled to overtime pay.
I've always regarded IBM as a well managed organization, but when your strength in IT services is your workforce, it's probably not a good idea to piss them off.
"In one swoop, everything I've worked for the last seven years is gone. All the extra time and hours ... have done nothing but give me a 15% pay cut," one employee wrote on a job board maintained by an IBM workers' group called Alliance At IBM.