This is no different from GS and other finance companies paying out a large chunk of the compensation in 'bonuses'. If they decide to cut the 'bonuses', employees no longer have market parity and it's effectively a pay cut for them.

Of course people should be cautious about picking companies that structure compensation this way, but the expectation that has built up over the years is that the stock is as good as actual cash. Perhaps that expectation will be reset as a result of these mass layoffs at these companies.