[marcinzm]

Why not?

If economic conditions continued going well then they had the staff to meet their needs.

If they didn't then they'd cut the worst performing employees and anyone else they didn't want. Since every other company would also be doing layoffs they'd get no bad PR for it and low risk of employees leaving for greener pastures (since all other pastures would likely be closed).

Layoffs aren't some massive horrible thing for a company. They're just another part of doing business.