They cut and cut and cut, and somehow expect things to keep running smoothly. It doesn't work that way. This company could be great, but leadership is ki-ling it one layoff at a time.
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What you are describing is just poor talent in management. How can you tell the difference between a talented manager and a cr-p manager? By the way they speak? Sadly that's not going to give you much, yet that's often as far as people's analysis often goes.
Managers are hired to provide direction and make decisions: some small on a daily basis, some big ones occasionally.
If they have poor judgement, don't understand their area, they are going to make cr-p decisions. They won't be able to tell the difference between those who get sh-t done and those who just talk BS. That's exactly what you are seeing.
I am seeing in my area of tech so many hires of Project Manager or Architecture-style people who do little more than track others' work, add zero value, and then go to management to show the great progress they have "achieved".
These people are easy to find in the market and management want more of them as they are the bearers of good news. ICs who actually get the sh-t done are seen as "bloated" so they get rid of them. What's management's response usually? Hire more PMs/Architects.
While I don't agree with the way Citi is performing layoffs or how they're selecting those for RIF, the company is in fact bloated. There are way too many manual processes and silos.
100%
I work in an org that keeps getting negative feedback about stretched employees, as they keep cutting us, not being able to come back quickly. Their answer... they are going to be introducing AI bots to answer questions.