NEW YORK: World number one marketing services conglomerate, Omnicom Group, is set to slash some 5% of its 70,000 global headcount – equivalent to 3,500 jobs.
The pain is most likely to be felt at BBDO, which not only lost the US Pepsi business earlier this year but also acts for backfiring automaker Chrysler.
According to unidentified Omnicom executives, not all of the holding company's units will be affected.
"Wherever adjustments had to be made, agencies that needed to make the adjustments made them," an insider told AdAge. "That does not mean all companies made adjustments."
But the current round of layoffs is unlikely to be the last, say the Omnicom moles. Further casualties are expected in January.
Data sourced from AdAge.com; additional content by WARC staff