It sounds like: Layoff --> increase short term valuation --> increase value per share --> owner of shares happy during buyback. After, it's true that having a

It sounds like: Layoff --> increase short term valuation --> increase value per share --> owner of shares happy during buyback. After, it's true that having a lot of middle management can slow things down. On the other side, they could have indeed created new entities, new projects, re-qualify employees,...