Two of my team members got a call from DP stating that they are going to release them by end of August and they place them in another projec

Generally they are removing PPL who are staying for a long time in a project. Backed by leadership always survives.

What were their grade and roles

Its very simple. Do not panic. Senior hiring stopped and utilizing idle senior resource from different accounts. If they unable to fill then lay off. Just a simple restructuring , no worries , you will get hell lot of calls if have skillset

There is no account level bench anymore. Before ppl were non billable awaiting for opportunity in the account. Now due to the margin pressure they are releasing. They can easily get more ppl from bench today than a few months back.