It happens all the time, GE, Kodak, you name it.
I realized a long long time ago... most big companies survive because of simple inertia... They have so much momentum, that it takes a HUGE single mistake, or a lot of BIG mistakes or an insane amount of small mistakes to take them out... So, they pretty much keep operating, no matter the systemic failures that happen, because their momentum allows them to absorb them and keep moving...
Or in other words, if you are less than competent, you can have a long career at a well established large company.