Seriously, how can anybody take Joyce at face value ? With the amount of money executive management are making with their salaries, bonus structure, share options AND their 'on the side consulting companies' anything he says should be treated with a wry smile.
This is standard management textbook reaction to industry pressures and economic challenges - scare the workforce. The day that Allan and friends put their honest open and clear paypackets on the table which includes evidence of a 'salary reduction' due to these unforeseen market conditions is the day that I start believing any of the verbal excrement that management spew forth.