Not quite. I've been through one like that, and it wasn't anything like as ugly. The line was, 'we haven't any fat, but our costs are too high so weren't going

Not quite. I've been through one like that, and it wasn't anything like as ugly. The line was, 'we haven't any fat, but our costs are too high so weren't going to have to cut meat'. 10% cut across the board, whoever happened to have less crucial work on at the time. Unpleasant, but a one time shot which didn't affect morale going forwards.