It seems people were cut based on criteria unrelated to their work or the need for their skills. In one particular case, a person was cut who has an exemplary work record (15 years at VISA) and does a job that literally nobody else does. It is the consummate knowledge worker role; this person has 30+ years of experience in the field and has built personal relationships with dozens of global vendors and service providers that enable mission-critical work to get done quickly and with little disruption. This person was told the job was being "moved" and will be posted in Austin. Good luck with finding someone there who can step in and execute the role - the learning curve is incredibly steep and it will be nearly impossible to find someone with the unique skill set needed.
This particular case is one example, there are others. This is not cutting excess staff, this is laying off (expensive, and for good reason) senior people and gutting the company's institutional knowledge. The executives who made these cuts will be dealing with unintended consequences for years to come.