Yes, but you forget "water cooler talk". Having worked at a large hedge fund that went through a massive layoff after a sub par year (we still made 10%) that resulted in 2/3s of all IT employees, roughly 600 people, being terminated. The announcement was made over email. First, all consultants/contractors were immediately shown the door. Those we wanted to keep were converted to salaried employees. This was the week before Thanksgiving in the US. Volunteers to be laid off from employees were asked for the Monday before Thanksgiving. Long of it was morale tanked. I informally asked my director to be let go and was told not to formally ask for it as they weren't going to cut me and it wouldn't look good in my official record. I saw a lot of friends and great developers walked out the door. The layoff was bad enough in of itself, but watching it dragged out over a few weeks was brutal.