It seems I survived the that round, although several people I know including a couple good friends did not. I could put together a pretty solid team with people let go.

I think terminations this year allow them to charge the cost of severance against 2012, giving them a way shift expenses from 2013 to 2012. Wall Street will like that. When things turn around globally, they'll bring in college fresh-outs to fill the holes. Net result is a younger, lower-paid workforce. Wall Street will like that, as well. Meanwhile, productivity tanks in the short term as people reel from the talent that was walked out the door. Fresh-outs will take years to become as productive as the shoes they are trying to fill. Many of them won't even stay long enough for that day to come.