I remember Ravi Naik rolled into town in February or March after the quarterly results reported in last January were less than stellar and he said something to the effect of "I know you may be nervous, but don't be because we've reduced IT spend (cut lots and lots of staff -ed.) by $44 million." Then in July he laid off another 100 odd IT staff in the US. So they took a huge write-off (again) and shareholders get their dividends.
They'll hold onto engineering as long as they can in the hopes some of their new technology will do something for a while longer. Every other function will be reduced. Employees will always be dead-last in upper management's deliberations.
After every major layoff Mosely will pat himself on the back for "cost containment" or reducing spend. He's talking about PEOPLE but he's too much into his own ego to realize how that sounds to the employees he's talking to who have lost friends and have to do more things with fewer resources. Seagate's MO has always been lay-offs as their first, second, and third go-to move.