This is going to be unpopular opinion, but I firmly do believe we need layoffs. Just not the way we have been having them.
There is so much money, time and resources wasted on every single task and project. Nobody knows who's responsible for what. To find out who can do one simple task you usually need to go through twenty people before you get the right one.
We need a proper reorganization that will streamline projects and cut all the dead links that are a drain on the company. Only then will we see some movement forward.