The studies referenced are overlooking a major point. The problem with the conclusions these professionals cited is that most, if all companies executing layoffs as a cost reduction measure, are actually eliminating the people with no regard to the work. Some time ago Boeing announced thousands of layoffs. I asked a good friend with over forty years in Boeing’s accounting area, how in the world are they going to get rid of that much work. He actually laughed at the question. His reply was, “I’ve been doing this for decades and not once has management ever asked us to focus on the work. The instructions are: cut this many workers.” I’m quite certain American Express took a similar approach.