There's no getting both, not in this industry. In the decade after we merged with Wachovia we should have been slowly slimming down every year where it made sense and largely with attrition. Instead we maintained a 'keep everyone we can' mindset until the inefficiency got so bad that now we have to make major changes. It's unfortunate, but there's no other option now.
8 years ago you could have started reducing the size of the company in a much less disruptive manner, so I blame the previous CEOs. People can hate on CS all they want, but the board wasn't going to bring in anyone that wasn't willing to reduce the headcount...so it was happening regardless of which CEO they selected.