Sounds like they are true to their nick name.
Sadly this ahs been going on for more then a decade. Fiancial institutions have been merging anf laying off for that long. I know a man who just lost his job when fleet and bank of america merged. He was smart though, he got his resume out the same day he heard of the merger. He is working for the smae amount as before but as a contractor no benefits. He is also looking for something more permanent. Any harbor in a storm.