How are they (management) deciding on who is being cut and why?
There doesn't seem to be a common theme, rhyme or reason... The more I look the more this cut looks haphazard...
It certainly feels that they are going beyond than just skills and past performances.
Each department has a cost reduction goal (e.g., 5%) given from the senior management. They aim at the least important projects, or those projects that are eating a lot of money. Manager then decide which to lay off according to some ranking list (e.g., if X is laid off, can the team survives? can we deliver our requirements?). Obviously, one team/department may be hit more than 5%. .. and No - being paid too much is not a reason, unless you are a consultant and your agent is taking a huge commission.
The fatcat upper MD echelons have too much power and are utterly biased and selfish. Some mangers might pick layoffs out of vengeance & power tripping abuse. Others would cut regarding costs (eg. fire all highly paid staff,, then replace them with even more cheaper consultants & India/Phillipines/South Asia offshores.) They will make up any numbers or excuses to fire and layoff any staff anytime they want. Only those with direct relationship to the upper echelon elite class shall keep their job with high salary. Welcome to wall street, where nepotism corruption & greed rules the day, money is all that matters; ethics & fairness & meritocracy have no place. Remember this is not the first wave of layoff in recent years, there have been many many layoffs at Morgan stanley for every single year since Brexit started.
making a lot of money and being tied to positions or dept that are not tied to revenue