The latter is the most important.
Its going to be a sl------r next month!! The cuts are going to be deep and swift.. 700 must go for the leadership to attain next level of bonus.. Operational units will be hit very hard we are being told.. Husky employees will be the first ones gone as usual..
Companies almost always go after salary targets first, since the cuts are generally to meet some percentage of payroll reduction and doing it this way lays off the fewest people. Sure, they get rid of deadwood too when they can. And they retain key people in every department... but they do have to cut some people every round that leave you shaking your head at the loss. It's just business.