US-headquartered agency Wieden & Kennedy is cutting 12% of its 314-strong workforce in response to the economic slowdown.

The job losses will be felt at the company’s headquarters in Portland, Oregon and its office in New York. However, the cuts do not affect Wieden & Kennedy’s overseas units in Amsterdam, Tokyo and London.

President Dan Wieden attributed the decision to “economic realities that have to be faced.” Although the agency has not yet witnessed cuts in expenditure from clients such as Nike, Coca-Cola, ESPN and Miller Brewing, its activities in technology advertising – one of the agency’s specialities – have suffered from that sector’s recent decline.

News source: New York Times