Expect stealth layoffs here and there before a larger mass layoff or two down the road. For now they will target low performers, people who don't want to RTO, folks who are earning close to the top of their pay grades, "Directors" that have no direct reports. They'll keep these numbers low enough to avoid WARN notices, but folks will suddenly disappear with no real communication about it.
Groups are trying to position themselves ahead of the big layoffs by cutting off the easy targets now, so they don't have to go so deep when the big one comes, which will most likely come in waves, 2k here, another 2k 6 months later or so.
Right now, they're laying the groundwork for using chat bots / automated AI systems to replace call center folks, and outsourcing essential functions that require a live person. They're expecting huge savings here in the next 12-18 months between headcount and real estate expenses, this will be managed by 3rd party vendor for the most part. On the IT side, they're moving to shift to external vendors for as much as possible to cut headcount (this is a little smoke and mirrors, headount is a key metric related to the stock performance, the jobs likely will shift from being CVS employees to being offered a role by the an external vendor who may or may not have similar benefits)