Re: "not in the best interests of shareholders"
I don't feel anyone should be entitled to a "good paying job in nice conditions" if they don't produce more value than they cost.
That's never been the problem. Money-losing companies go away soon enough.
The problem is when a good, solid, stable business is making plenty of money, but since other companies (perhaps less steadily and reliably) are making MORE MONEY, QUICKER at any given point in time, something is wrong with the otherwise good and profitable business, and drastic moves to turn greater profits MUST be done. Laying off good and profitable employees (i.e. eating your own seed corn and guaranteeing less profitable future quarters) is often Step #1 on the list.