The only time layoffs work is when the go with cutting the product worked on completely from the company. Everything else should be managed by not growing too big when times are well, and not hiring when someone leaves when times are bad. There will be ups and downs in your market, figure out what they are and ensure your headcount matches that long term, ride out the bad times with no profit knowing they will get better again - cutting all other costs.

Most short term changes with stocks like this are wholly irrational and have very little to do with accomplishing anything other than signalling.

But then you are asking hard questions. Which leaves? Which branch? How do I create a protective legal theory to prevent numerous lawsuits?

Best just to do it randomly to avoid hard decisions and lawsuits.