Those that remain aren't happy either. They know the weaknesses of their products and unneeded overlaps but middle management just tries to make themselves look a little bit better than peers or make peers look worse rather than work to fix their issues. They didn't just remove overlaps.
There is a culture of old people's rule - those aren't always the people that have tenure. People that have tenure are looked at with disdain in general by white old men in the middle management, because they are afraid that tenured smart ones know and can see through their focus on politics and bureaucracy. Unless their tenured employees are their political apprentice - then they love them.
They have these quarterly employee feedback surveys. Most group leaders take no actions - only try to use how they can benefit themselves.
But layoffs during pandemic is a bad idea... no idea why they don't offer early retirement packages or across the board 7% temporary pandemic pay cut. It would have improved morale that we are all sharing in the pain.
However, there are some rare spots of teams and groups that have good management chains and sr executives are still good and well intentioned.