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Stop being so bloody emotional and remember what the Mafia says - ehhh it’s just business.
Harsh as that sounds, it IS sad to see people you care about have to lose their jobs, but it isn’t personal, it’s a standard part of being in the workforce and all you can do is offer support, connections to contacts, CV guidance, or just a hug and someone to talk to.
My spouse went through similar situation and survived layoffs, but went through a period of worry. There were several rounds of layoffs following a merger. It is normal for your bf to be worried and sad. There will be a lot of rumors at work on future layoffs etc., that might keep him nervous too. Be empathetic, prepare for the worse from financial stability perspective and remind him to focus on what is in his control I.e., executing well in his job and preparing for interviews in case he needs them. Be his strength and do what you can to keep him focused.
Survivor guilt is real. BCG1 is right though... it's part of the reality of business.
Helping a couple of folks impacted by offering to be a reference; writing LinkedIn recommendations or even just validating their skills, are a few ways to make a positive impact.
Working hard to make the new leaner org a success (and not lamenting the changes now matter how justified it feels) while at work will help your bf find success in the new order. Layoffs often come in waves; so in seeking to help refer his coworkers and assist with their search may help him find something for himself in the future.