That's what I heard, this is more or less done deal. You will have to polish your resume and start to look for job - please do it right now. If you are with the IT group you will certainly be affected.
Hey, what else is new. We had cuts in 2014. Now we are having them in 2015 as well. So, is 2015 different from 2014, 2013, and so on? No, it's not.