A certain firm got rid of all their expensive staff, who must just sit there all day, being expensive, probably not doing much, except for you know - having about 200 years worth of experience on the core clearing system that was a critical part of the system. A small part was offshored, but most roles cut. Sure enough, soon enough, said important system fails, offshore reduced size team without the benefit of experience on this 40year mainframe app, could not solve it. I know one of devs there who made a phenomenal day rate there fixing that mess.

Big firms are greedy and dumb. IT is a cost centre too them, every tech employee is a moocher sucking cash that could be used in yet another stock buy back to try and keep the stock price high a bit longer so the board can cash out and run.