This is just another one. They do it in small batches - about 100 each time. They fire old and new but mostly old. They will hire back a few young but at a reduced salary. They probably will do more like this. Their insurance is a luxury and with 16 million people out of work, they will need to cut costs by 5 to 10 %. If you have about 4,000 employees, that is 200 at 5%. The truth is they can't sell their insurance as easily as before. They fired their best sales people or brought them in house and cut their pay. This did delay firing more people but now even that won't help. They have tried selling the company, no one wants it, even the Japanese made them separate out the US from the Japanese organization. This downsizing will continue until they either find a new product people want or someone buys them. If they do finally get a buyer, that buyer will layoff a ton of employees and ride the company squeezing cash out until they recoup their investment plus profit. Usually companies done like this go out of business shortly thereafter.
An on-point post from @nevg+15EBsqly.