Ouch!

"Our strong desire is to keep as many of these 70 engineering employees at Google as possible."

The good news, you can keep your job...

The bad news, you have to move to another office...

"Our long-term goal is not to trim the number of people we have working on engineering projects or reduce our global presence, but create a smaller number of more effective engineering sites, which will ensure that innovation and speed remain at our core."

http://googleblog.blogspot.com/2009/01/changes-to-engineering.html

Larry Dignan's view on the matter - http://news.cnet.com/8301-17939_109-10143314-2.html