No doubt here
I work at Cisco in, err, somewhere. They've definitely been cutting off people in my business section - I'm on an extended 6 month notice, and 90% of the test staff were made redundant as work was moved to cheaper outsourcers in India/China etc.
They've also been removing a lot of the peripheral benefits - no more stock options as standard (worthless as they are right now), no mid-year bonuses (which means they can keep people on long 'risk of redundancy' without a bonus, without needing to give notice for a few months - I know of one 4+ month gap between being put 'at risk' and given formal notice, which included the usual mid-year bonus time), no more free fruit/cans or cappuchino machines, prices rises at all the canteens and no more pot plants(!).
The company is either using this as an excuse to cut as many benefits as possible, or is genuinely in a headless chicken state of panic. i'm not sure which is worse.