"Omnicom said more than 4,000 jobs would be cut as part of the IPG integration, mainly in administrative roles but some leadership positions will also be impacted. After the job cuts, roughly 85% of the roles will be client-focused, while 15% will be administrative, the company said. The financial benefits would surpass $750 million in annual cost savings initially projected to investors, it added."
"Omnicom said on Monday it will lay off more than 4,000 employees and fold several well-known advertising agency brands after its $13 billion acquisition of rival Interpublic Group. The advertising industry faces a serious threat as artificial intelligence reshapes creative production and tech giants such as Meta make it easier for businesses to churn out ads at scale and speed."
Omnicom will lay off more than 4,000 employees and fold several well-known advertising agency brands following its $13 billion acquisition of Interpublic Group. DDB and MullenLowe will be integrated into Omnicom's TBWA, and FCB will be absorbed into Omnicom's BBDO. The cuts will focus mainly on administrative roles, with some leadership positions affected; about 85% of remaining roles will be client-focused and 15% administrative. Annual cost savings are expected to exceed $750 million. The moves respond to industry pressures from artificial intelligence, tech platforms enabling ad scale, and competition from Publicis and WPP. IPG and Omnicom previously executed major headcount reductions.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]