Not sure that I'm right, but I have the impression that for companies that are strongly driven by "shareholder vale" (like Intel as it appears), if before the p

Not sure that I'm right, but I have the impression that for companies that are strongly driven by "shareholder vale" (like Intel as it appears), if before the pay cut it is thought that cutting jobs would give a net benefit (again in terms of shareholder value only), shortly after the pay cut they will think so again/still think so, even if the pay cut was justified by being able to avoid layoffs in this way.