100% a layoff push. This will be one of the most popular strategies moving forward, because for the c-suite it achieves two things: reduction in headcount before officially announcing the need for layoffs (and potentially skipping them entirely if enough people jump), and a shift back to the office.
I'd argue that the shift back to the office will make it difficult for them to attract talent if/when they end up understaffed, but asking a corpo to think more than one level ahead is probably impossible.