Massive is relative. If you have a team of 50 and 25 are laid off that may be considered massive in the context of the 50 but in the context of the entire organization it is insignificant. Using descriptors like 'massive' is misleading and designed to generate alarm. I'm not downplaying the fact that people are losing their jobs but let's keep the fear contained and in perspective. Having said that, if 5.5% of the almost 300k employees are laid off, I would say that would be alarming... but highly unlikely.
Exactly what @TiJK5a5-3byq said. Do not create panic where there is no need for it. Not at Wells Fargo where we are all already stressed out to the maximum as it is.