Wall Street has been buzzing with rumors that Frito-Lay may lay off as many as 6,000 employees. And Frito says it has hired consultant McKinsey to help streamline the snack-food giant. But the company says it hasn't set any figures for layoffs.

Tell that to 34 new MBAs who thought they would work for Frito in the fall. On June 24, the company told them their jobs may not exist in October and suggested they accept work elsewhere. "We wanted to be honest with them," says a spokeswoman.

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