Ryan Lochte, The Tonight Show with Jay Leno

NBCUniversal, Inc.

Jay Leno probably wasn't laughing when he got the news that NBC was laying off more than 20 employees from The Tonight Show, but he certainly has no problem making jokes at the network's expense now. On Monday night's episode, Leno came out swinging from the very moment he stepped onstage.

"Welcome to The Tonight Show, or as Comcast calls us, The Expendables," Leno said to the audience. "As you may have heard, our parent company has downsized The Tonight Show. We've consistently been No. 1 in the ratings, and if you know anything about our network, that kind of thing is frowned upon."

According to the Los Angeles Times, Leno and other senior staff members offered to take pay cuts to save jobs. "Jay's foremost concern is for the wonderful people who work for The Tonight Show," Leno's spokesman, Bruce Bobbins, told the Times. "He did what was necessary to ensure their well-being."

To see more jabs from the Tonight Show host, watch his monologue below.

The Tonight Show and E! are part of the NBCUniversal family.

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