Gamespot have spoken with Electronic Arts Los Angeles Studio Manager, Neil Young. He has revealed a number of jobs cuts.
"60 programmers, designers, and managers laid off at Electronic Arts' SoCal operation; studio boss Neil Young calls the move "regrettable, unfortunate, and very necessary."
More information is available. Whilst cuts were apparently across all franchises, they were mainly restricted to Goldeneye and Medal of Honour titles. I wouldn't get too worried: Red Alert 3 shouldn't be affected much, if at all.