"Irrespective of the company's goals, it paints a painful story of people with years of service and dedication to a company being cast aside for quick cost savings."
That's a little bit over dramatic. Don't forget what people work for: money. Or should work for! It's the same thing the company needs to earn.
Maybe people sometimes do forget where to draw the line and dedicate too much of themselves to the company. It's not easy to find the right work/life balance. But you should never be dedicated to a company that isn't yours.
This wave of lay-offs is a move that destroys value and disrupts service (quality of such aside), and it's typical of shortsighted management or short term targets. It can happen in any company.
Even though keeping valuable workers should be seen as beneficial, it is often not how it works out. Usually because they are expensive.
In the short and long term, the company will probably be alright. Laid off workers? Up to them. The good news is this is an opportunity for many of them.
I recall last year my (now ex) bank replaced most of it's customer service with a "cool" chatbot. That made it really difficult to get hold of a human, probably because very few worked the phones. The chatbot knew 90% of the solutions and answers to common issues/questions, but when it had nothing, it really had nothing. I needed a human and it was a pain in the usual pain places to get ahold of one.
Eventually it was sorted out over an exchange of secure emails. And to be honest, i didn't have to spend an eternity in a call queue so that's definetly a plus. Probably only going to get better because humans move on and new ones need to be trained. AI is trained differently.
Ultimately, the bank is going to be fine. Those who settled in customer service for too long... They're out of work.