IBM announced that it is going to lay off 5,000 U.S. workers and shift many of those jobs to India.
Did you know that 71% of IBM’s 400,000 employees work outside of North America? That ups from 65% in 2007.
Getting computer nerd training was a sure-fire way to a successful technology career a few years ago. Today’s nerds are competing against similarly trained, English-speaking nerds in India.
Very few jobs in America are immune from cheap foreign competition. The next time you read any Reuters or Associated Press stories, check the byline and you will find that many of the personal finance and business stories you read were written by people across the ocean.
And it is why you should keep an eye on Indian technology outsource companies like Infosys (INFY: 47.79 -0.50 -1.04%).
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{ 4 comments… read them below or add one }
I was quite surprised that you published on your last M&M article a photo of Obama, Medvediev, and Berlusconi, relaxed in between G20 meetings, with and ironic comment. Do you think that, just because we are in a major economic crisis, our politicians should hold a funeral face 24 hours a day? Are they not allowed even a few minutes of brake during this ongoing long crisis?
Ermanno Rizzo
Tony, thank you for your precise and concise writing. These layoffs are truly scary. I believe that employment or lack of employment will be the driving force to get us out of this difficult time. People are very very defensive with their monies right now, and rightfully so. It used to be said “nobody leaves IBM” now “people can’t stay in IBM”.
I bet a close up photo of Tony would reveal Asian jizism running down Tony’s cheek(s) Tony is a faggot and a Communist enabler. I hope his life is short (and painful at the end).
Tony,
You hyped China BAK Battery, Inc. (CBAK) in some previous Money and Markets columns. I bought in but I’m glad that I set a stop loss or I would have lost my shirt. However, there is a Chinese battery maker that you may want to investigate further. Read this recent article, and I think that you will agree that this company may be a lot more profitable than China BAK Battery.
Sincerely,
Jeff Kelsey
Here’s the link to the article: http://money.cnn.com/2009/04/13/technology/gunther_electric.fortune/index.htm