January 2, 2009

Ad Industry predicts even bigger layoffs in 2009

The talk in industry circles is that the major agency holding companies – Interpublic, Omnicom and WPP – are planning deeper cuts to ring in the New Year, according to NYPost.

“WPP agencies are bracing for cuts across the board in January after CEO Martin Sorrell acquired UK research firm Taylor Nelson Sofres, sources said.”

“Interpublic is bracing for things to get even worse for the auto business. Interpublic is mulling layoffs in the event GM slashes its ad spending even further or reduces its stable of car brands. Interpublic agencies employ an estimated 900 people in Detroit with ties to the auto business.”

“Several ad execs estimated that the big agency holding companies have cut at least 1,000 jobs in 2008. Agencies usually try to keep layoffs under wraps to avoid appearing weak to clients, making it tough to get a total tally.”

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