What happens to firms’ organizational structure when they are hit by a negative shock? By matching employer-employee data with firm loans and bank balance sheets, I study firm reactions to a credit shock–the global financial crisis–and compare it to a trade shock–the entry of China in the WTO. When hit by a credit supply shock, firms reduce employment of higher skilled workers more than lower skilled production workers, while no adjustment is found on the wages. In contrast, a trade shock affects the hierarchy of the firm from the bottom to the top: firms rescale the organization and reduce employment at all levels. Results support the existence of heterogenous complementarities between capital and skills along the hierarchy of the firm: a shock to credit hits workers in the middle of the hierarchy, while a trade induced demand shock affects the scale of the firm, hence all skills proportionally.