Santa Clause was working as a dream developer in this agency. Following financial difficulties, the clients decided to cut down the advertising investments. So, what we can see is a beheaded Santa.

Milc, Siena is expressing their desperation of the clients decision for cutting down the advertising revenues. The way of expressing this desperation is through beheading the creative persons. Earlier we have seen how they have mercilessly beheaded creative persons including copy writers and art directors. Now, its Christmas time and the agency features the beheaded Santa too.
The copy reads- Creativity is that extra bit of magic that can turn communication into a dream.And there is no crisis that can justify the killing of a dream.
CREDITS
Advertising Agency: Milc, Siena, Italy
Creative Director: Giampiero Cito
Art Director: Matteo Scheggi
Copywriter: Matteo Spadoni
Photographer: Bruno Bruchi
Strategic planner: Antonio Paolo
Via: Ads of the world