I am an IBM consultant, but won't be for much longer now.
Yes it is bad. No training (banned). No travel (banned). No mobile phone calls (banned). People are working well out of position to be billable. Pay rises and promotions have been postponed or talked about as potentially not going to happen.
All because the IBM management are worried about the effect that another 'not on target' quarter might have to the share price. So, motivation is down - right down - and lots of my colleagues are leaving, usually those with the best and most marketable skills.