I left in 2012, we had major layoffs at SLF, about 800 people were let go...
Internally, the company is super slow - the co is loaded with lifers, they just want to collect their check and have very little motivation to change things and go that extra step.
It's also process oriented, everything is documented, slow, bureaucratic - younger people hate this as it stifles and creativity and freedom.
HR department goes by the book when it benefits them, but not always -when they do not like the rules, they bend them. Employees that survive the layoff are often on they way out as they do not want to deal with uncertainty and offshoring and outsourcing.