I think it's fair to say that virtually every company right now has been "a bit over bloated for awhile".
Even as someone that foresaw pretty much what we're seeing now roughly a year ago, I still find it shocking to watch the slow unraveling of our industry.
My company hasn't had layoffs yet, but it's painfully obvious to everyone that they're coming (but just not obvious enough to create maximum anxiety from the uncertainty). Because of this I've put my feelers out to see what other options are out there and... it's bad.