Claiming to be overstaffed, and laying off people to make their numbers for wall street is a failure in leadership.
It shows a lack of vision, direction, and innovation at the leadership level if you must rely on cutting jobs to 'right size', rather than growing the business with new initiatives with the talent you have.
We're the one paying for their failures.
I'd love to see the statistics of executive pay. Did any of them opt to take a pay cut as part of this? If anything, I'm willing to bet this year will be a pretty good year for them with regards to compensation.