Are you not looking at the news from China? Why do you think they are telling everyone about sales being worse than they expected?
Cuts may be elsewhere in the company (likely very little) but IT will be adding FTEs and FDEs headcount. They won't admit it openly but several have said they cut too deep and they need more people for the projects. Instead they are saying that they need people with specific "skill sets". Even some of the TCS work will be coming back to IT because of the poor support.
They have brought back quite a few people who left the company. They received packages to leave and then come back in. All in all it was a great deal for them. What are the "skill sets" they are saying TCS doesn't have now?
The outsourcing cycle. Get rid of everyone who can actually do stuff, Promote All Managers Outsourced Vendor, charges a fortune for awful service... Get a pat on the back for "saving money".
It's just the good olde boys taking care of their own. It shouldn't take long to figure that one out once you know who's coming back and who they're reporting to.
