Working at a pretty famous institution with a 6+ billion endowment...in June 2020 the president basically said "we're performing layoffs, stopping all retiremen

Working at a pretty famous institution with a 6+ billion endowment...in June 2020 the president basically said "we're performing layoffs, stopping all retirement contributions, hiring freeze, and no raises for anyone." Then gave some additional reasons as to why they couldn't dip into the endowment to save jobs/help those laid off. So I guess it wasn't for tough times after all?