(Reuters) – In early summer, before layoffs began sweeping across Wall Street,
billboard-sized photos of employees were plastered on the walls, pillars and
elevator banks of Credit Suisse Group AG’s offices in the United States and
abroad.
The museum-quality prints, depicting workers from administrative assistants
to senior executives, were emblazoned with motivational words like “Proactive”
and “Partner.” By mid-July, however, the photos disappeared and the Swiss
banking giant began laying off 2,000 employees.
Security guards prevented employees from taking cell-phone pictures as the
posters were stripped away, according to one employee who was present.
“It sent an entirely wrong message,” said an employee, who was not authorized
to speak publicly. “Management literally threw away that kind of money on
something so trivial, while planning to cut thousands of jobs.”
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