Knowing the way most bureaucratic organizations, including corporations, work, I suspect the people being cut are moderately high level technical people, as well as other professional level "worker bees". Cut managers or their various support staffs? Not bloodly likely. Or worse they cut some competent lead technical person and replace her with a person with the appropriate educational bacground, but who has been a manager for 20 years. Then they'll wonder why the bridge falls down, or the return rate on the product goes through the roof.