As of I know a number of people from different departments was let go in October, the number seems high for letting so people go at the same time, and the severance accrual has been going up for months.
Didn't expect they finally came out and say they are going to lay off 2000 more. I guess all the travel budget cuts and branch closing is not enough to help reduce cost.
The company is not investing enough in innovation, very conservative management style. Maybe it's time to start looking for new opportunities.