The “fun-luving” airline long credited its quirky, we-are-family work culture with its success. Now, after its first mass layoff, staffers wonder whether the love is gone.

Shares of Southwest Airlines (LUV) slid 2% after JPMorgan downgraded the airline to an Underweight rating from Neutral, effectively a cut from

Southwest is undergoing an ambitious turnaround plan under the watchful eye of activist investor Elliott Management.