A prepared statement issued by the firm noted that, "in assessing the economic outlook, and in our continual efforts to improve efficiencies for the ultimate benefit of our clients, we have instituted a number of expense- and operating cost-containment measures. While we believe these reductions to be the prudent and necessary outcome of our on-going analysis of the economy, we remain committed to maintaining the quality of global client service for which Cushman & Wakefield is known here and abroad."

But in an exclusive interview with GlobeSt.com, president of US operations Bruce Mosler says that the cuts were made not only as a cost-containment move but also as an opportunity to boost production. "We are looking at opportunities to gain more market share and grow our leadership position," he says. "We don't evaluate our talent on an annual basis, but rather we look at a history of their production." That history, he notes, could span from three to five years.

Mosler was frank in admitting that during the extended expansion mode the industry enjoyed, C&W focused on "Those who belonged" within the company culture and vision. "What we didn't pay close attention to was their current level of production, so this was something that was long overdue."