In the eyes of the CEO and the shareholders, was it the wrong call?
The CEO hires the employees assuming ZIRP continues. ZIRP ends. He fires all the extra employees, and gets to fire employees he doesn't need from other departments too along the way. Shareholders benefit either way, and the expendable ex-employees' well-being, visa status, healthcare, etc. is someone else's problem. Market is bad so the remaining employees can't really complain either.
The CEO hires the employees assuming ZIRP continues. ZIRP ends. He fires all the extra employees, and gets to fire employees he doesn't need from other departments too along the way. Shareholders benefit either way, and the expendable ex-employees' well-being, visa status, healthcare, etc. is someone else's problem. Market is bad so the remaining employees can't really complain either.