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For more information, refer back to the latest news article. Stay tuned to Bungie's official feeds for official information.
https://www.bungie.net/7/en/News/article/newpath
As for the staff who have sadly been let go, I hope they are all able to find another job soon. Everyone at Bungie is super talented regardless of who they are. Everyone has brought something special to Bungie and Destiny.
Rick Kackis made a youtube vid explaining most of it.
https://www.youtube.com/watch?v=MjSHES7C1EM
Yes I read literally just now if pay cuts are in order to avoid lay offs. But Parson replied with "We aren't that kind of company." So looks like the CEO ran the studio into the ground.
Seems to be the devs and not the trash management. Sucks. GG Destiny.