WPP plans to lay off staff at global agencies
06 Jan 2009
Ad holding company WPP Group is preparing to lay off thousands at its global agencies. The decisions were made during budget meetings held during the last two months.
The lay offs at the global company will not be spread evenly. Reductions will be heavily felt in North America and Western Europe, places that have been hit hard by the advertising slump.
Meanwhile, those losses will make up for staffing additions in Latin America, Asia and eastern Europe, which have so far been less effected by the global economic downturn.
The move by WPP was announced after WPP rival Omnicom said it was laying off between 3 and 4 percent of its 70,000 staffers.
Additionally, WPP investors have become increasingly concerned about the ad giant's debt levels since its $2 billion (£1.14 billion) takeover of TNS Media Intelligence.
