The purpose of our article is to present a qualitative empirical study from the ethical viewpoint. It aims at the theoretical conceptualization concerning the managers' decision-making of personnel dismissals in downsizing organizations. First we present and seek to motivate our research task. The importance of real business ethical issues as a starting point of business ethics research is emphasized. Second the main normative ethical theories and ethical decision-making models are presented. These form the loose framework for describing and interpreting research interviews. After this the empirical findings are set forth. This part suggests that the managers explain the dismissals from different decision-making roles emphasizing different ethical orientation. The roles are called a rational and an independent manager, a marionette and an emotional individual. Our study suggests that the role of empathy in morality reveals an interesting and a necessary research topic for business ethics research.