Investment Banks Lay off Job Cut: I-Banks in India fire employees

There is bad news coming from all sectors of the economy and from all geographies across the globe. India is no longer shielded from this.There are many lay offs.
Just few days back, Indians used to claim how they are powering the world economy with their knowledge and acumen through outsourcing. Today, the ripples are felt. There were stories of how employees were drawing salary in millions and Crores of Rupees (What's the Worth?) and today, they are the ones who are finding themselves to be the first in the line of lay offs or Job Cuts
As repoted, there are hundreds on employees in the Investment Banking companies which have been fired by various Indian arms of the globakl financial giants. The Indian arms of global investment banks have started laying off employees.

NDTV reported that Merill Lynch has laid off 15 people from its proprietary desk. Around 25 people at Goldman Sachs have been asked to quit.
Moreover, Morgan Stanley has laid off 20 employees from its investment banking and institutional equities division.
Then there are others - Citibank, UBS, Macquarie, Credit Suisse and Credit Lyonnaise have asked employees to look out for alternative jobs as soon as possible.
Do we call it Soft Firing by the street smart investment banks?

The financial firms are all making the same diplomatic statements calling it a global exercise, reaction to the market condition, market conditions, etc. etc.

Not only this, even those who negotiated hefty joining bonuses have been told to forego the amount. But the harsh reality is that only a few are complaining since its better to have a job than none.
Let's hope that alternative jobs are available to the affected employees of Lay off Job Cut.