To corporate customers, computers once meant IBM mainframes. But that has changed as high-powered workstations and personal computers from such companies as Compaq, Apple and Sun Microsystems have won over legions of business users. As a result, IBM's earnings have slipped from $6.6 billion in 1984 on total sales of $46 billion to an estimated $5.5 billion last year on total sales of $60 billion. In an attempt to cut its costs and become a more nimble competitor, IBM last week announced its fourth belt-tightening program in three years.
Big Blue plans to eliminate 10,000 jobs from its U.S. payroll of...
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