I genuinely feel very saddened for the TC guys/gals. Inevitably, there will be much discussion about what is the way ahead in the current climate, and there will be winners and losers. The fundamental problem is that if your company is not making money then you have entered the high risk zone. TC have come within an inch of financial ruin, and even now their future is far from certain. Any CEO and Board, regardless of what performance bonus structure they are on, have to act quickly and decisively to stem losses. That will tragically mean redundancies and renegotiation of Ts & Cs - no one wants it but that is what will happen.