Yes managers in many groups have been asked to cut down on the (perceived) bottom 5%. It's easier to package it as a layoff than to manage people out. And yes it will once again target long time employees in Grade 11 to 13. For one reason or the other, consultants, HR and top management that's what they need to target to "bring new talent" in. I don't think it's right, but on the other hand I understand the - albeit- somewhat intellectually lazy reasoning.
The one thing I find disrespectful is that the leaders leak this info to their friends, who in turn feel compelled to brag about their insights. It shows poor discipline in confidentiality basics.
It is happening, again. It will not be huge, again (think 5%). And it will happen just the same come 1QFY19, again.