Not a surprise
I was one of the 300 in June. I was informed by email on the monday morning that my "position has been identified as one of those that is no longer required" and asked to go to a meeting telling me what happened next. The following day the meeting was postponed (definitely postponed and not cancelled). The customer expressed their displeasure in a fairly big way and finally on the Friday of the second week I got a phonecall to let me know that they had "reviewed the situation" and I was no longer at risk. I wasn't the only one this happened to.
They've got to make the numbers back up somewhere and heaven forbid that it should be one of the three managers that I report to. Or one of the six people who have to approve my expenses if I travel to another site, 5 of which wouldn't recognise me if I bit them and probably couldn't tell you which planet I'm on from one day to the next let alone which site.
And they seem to be puzzled as to why morale is low.