Yes, really. PMs would publicly mock new-to-IBM PMs who used mid-90s business speak. When I was there they also referred to layoffs as 'getting rid of people'. It was a pretty good environment - honest and respectful. Perhaps your office was different.
That's extraordinary and not at all what I would have expected from IBM. I wish there were more places where people ditched corporate doublespeak. Especially that vile phrase "human resources". Soylent Green is human resources.