Some FedEx employees say layoffs are wrecking morale and chipping away at the famous loyalty that Fred Smith built

• Earlier this month FedEx laid off more than 10% of its top managers.
• The move came as a shock to some since FedEx's culture puts job security as a core value.
• Some insiders see the layoffs as a failure of leadership and fear a lasting shift in FedEx culture.

More than a week after FedEx laid off 10% of its top management staff, at least one affected employee was still shocked.