NY Gov & IBM team up to invest in the leaders of tomorrow


An article from governor.ny.gov highlights the recent partnership between International Business Machines Corporation (IBM) announced by Fortune Magazine as one of the most innovate companies in 2012, and New York’s Governor Andrew M. Cuomo to help High School Students graduate with an Associate’s Degree in a special field.

Gov Cuomo stated that education is one of their greatest resource and economic drivers.  Their partnership with IBM will better enable the state to invest in selected school districts throughout the state and prepare students, starting in high school, for high-skill jobs in fields such as manufacturing, technology, finance and health care.  The article also states his vision (Gov Cuomo) to greatly improve NY’s work force and help their students find jobs directly out of college.

The Governor’s Executive Budget proposal includes a $4 million increase for the Early College High School program (ECHS) – which will fund 10 special programs that incorporates a six year program combining high school, college and career training.  The training will prepare students for a high-skill, high-demand career in a STEM (Science Technology Engineering and Math).

Along with IBM, are other businesses that will partner with each of the participating high schools and colleges to provide guidance on workplace training.  These will include mentoring on special skills to guide the students and prepare them for the challenges of tomorrow’s economic challenges.



JP Morgan announces 4000 Jobs cut to reduce expenses


It’s sad news for employees of the biggest US bank, JP Morgan when they announce on Tuesday that they are cutting 4,000 jobs this year to reduce their expense by $1 billion dollars. In addition, Marianne Lake, the bank’s new chief financial officer, stated that the company will also be raising its interest rates by 1 percentage point, and conclusion of expensive litigation related to the mortgage crisis – would boost the bank’s net income to their goal of $27.5 billion over time.

Though there have been progress made to slowly boost their bottom line, The company must still be wary after recently laying to rest the $6bn in trading losses racked up by a London-based trader nicknamed “the whale” from the prior year.

It’s understandable that business is business.  Shareholders must be paid and the company (JP Morgan) must always look to their best interest, however think about those who had no options to find a better solution due to the results of poor investments.  How will we as a community judge big banks like this ethically?




Will All the E-Commerce Businesses Please Stand Up


A recent report done by the American Customer Satisfaction Index (ACSI) in cooperation with ForeSee states that there is an increasing customer satisfaction with e-commerce website from 1.2% to 81.1% based on ACSI’s 100-point scale.

Claes Fornell, an ACSI Founder and professor at the University of Michigan’s Ross School of Business states “E-commerce is maturing, and even the smaller companies are improving, keeping up with or sometimes surpassing larger, more established companies.  The e-commerce landscape changes faster than more traditional industries and the rules can be rewritten by new players or new technologies, like mobile. Disruption will always be a part of e-commerce, but innovation will likely keep the sector near the top in customer satisfaction.”

Larry Freed, president and CEO of ForeSee states that “Brick and Mortar retailers are not conceding to online retailers like Amazon.  Instead they are investing heavily resources in providing a better experience for their customers, providing more evidence that competition is good for the consumer.”

“After dropping 14% drop last year, Netflix remains the lowest scoring company in e-commerce. However, Netflix knows that access to content is key, and creating exclusive content and a franchise that will help it secure a loyal following is a unique approach,” said Freed.

Freed commented that going mobile will reshape e-commerce while bringing a bigger impact to consumers especially if they travel frequently. Hotels and airlines are attempting to assert more control over their own business relationships with their customers, fragmenting the online experience that may do more harm than good.