My department has been outsourced to an employer I didn't want to work for particularly, the department after a year was subjected to mass redundancies with over 100 job losses (approx 50% of staff) as the bulk of our work is now done by cheap labour in India.
My dad's department was outsourced from the Council (he'd worked for them for nearly 40 years), he didn't want to be outsourced. There are now redundancies at his new employer and he could lose his job.
My mum's department (within the Civil Service) is undergoing massive changes, the staff are having to apply for new roles with several facing redundancy if they aren't successful.
This is a modern, capitalist, society. Staff don't like it, but it's the way businesses work in order to maximise profitability. City is a business, not a charity, their staff can moan and complain about it but everyone else is in the same situation.