How are they notifying people? Is it an Outlook calendar invite? Who is doing the axing? What do they say during the call or the meeting?
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Your boss and their boss send out an email..something with the line Urgent Business Matter...or like that. They read from a script. Then a group is called in with HR and that's it.
You are given time to transition your responsibilities to whomever your boss likes...
Then they get to flounder...since they thought it was easy.