I hope no one gets laid off. But if you do, try to remember there's other options out there. Employees still should have six weeks of employment before the layoff is official. And hopefully severance pay. Unfortunately, I don't think that applies to anyone from IT, who will become a contractor. Good luck.
I've through a couple layoffs -- it's not fun but you survive. Once a big corporation starts laying off, it's like a crack addiction for them -- they just can't stop. (Unless they get new leadership.) It's a cheap way to make your bottom look better. It's like being told you have high blood pressure and some demented doctor tries to cure it by slitting your wrists.