Reuters reports that Credit Suisse had to move quickly to get itself out of a hole of its own making.
According to the news agency's sources, the Swiss bank plastered 'museum-quality prints, depicting workers from administrative assistants to senior executives...emblazoned with motivational words like 'Proactive' and 'Partner'' on walls, pillars and around elevator banks in offices around the world.
Then the layoffs kicked in (the firm is busy laying off up to 2,000 staff), and they were quickly taken down. Reuters quotes one unnamed Credit Suisse employee who sad: 'It sent an entirely wrong message. Management literally threw away that kind of money on something so trivial, while planning to cut thousands of jobs'.
One wag told Here is The City: 'Credit Suisse was probably concerned that, once word of the lay-offs there started to circulate, it wouldn't take long for staff to replace the so-called 'motivational words' with the likes of 'Laid-off', or 'Living in Fear'. It would have been a hoot'.
In the meantime, The Telegraph reports that, according to recent research undertaken by Axa and YouGov, banking and financial services ranks in the bottom five career choices (out of 15) among 16-18 year-olds studying for their A-levels on their way (hopefully) to university. The reasons ? Mainly because the City is seen to be an unethical place to work, and because of the 'stigma' attached to bagging a job there. Media, entrepreneurialism and technology topped the list.
The newspaper also reports that those hedge fund types who relocated to Switzerland to avoid paying higher UK taxes might now be wishing they hadn't bothered. The hedgies are typically paid in US$, and the Swiss franc has soared 25% against the US currency in the last 18 months, impacting hedgie purchasing power big time. How ironic.
Finally, boingboing reports that the latest iPad fad features Bernie madoff's pants. Yes, that's right. Frederick James apparently makes iPad covers from 'luxury rescued and vintage products', and Bernie's bloomers fit into this category. James apparently bagged some at auction, and bangs out the iPad covers for up to $350 a pop.