Interpublic set to cut 2,000 jobs
LONDON - Interpublic Group is considering targeted job cuts of as many as 2,000 positions, according to a report, just one day after it emerged that rival Omnicom is to cut 5% of its global workforce.
A report by Reuters cited sources close to Interpublic which claimed its agencies are considering targeted cuts, following promises by Michael Roth, the chief executive, to manage the business "conservatively" in the face of the downturn.
Roth told investors in October that the parent company of DraftFCB, McCann Erickson, Lowe and dozens of other agencies would remain "extremely focused on controlling costs and managing margins".
The sources estimated that job losses at Interpublic agencies will amount to less than 5% of the worldwide staff, meaning no more than 2,000 jobs.
Yesterday, reports claimed that Omnicom will cut 4% to 5% of its worldwide staff by the end of this week.
The cuts amount to 2,800 to 3,500 positions out of a worldwide headcount of about 70,000.
Earlier this year Sir Martin Sorrell, chief executive of WPP Group, said jobs could be lost in mature markets, such as the UK, Europe and the US, in 2009.
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