Interpublic Group is considering cutting up to 2,000 positions globally, according to reports. The move follows that of Omnicom, which is to reduce its workforce by 4-5%.
IPG, the holding company of agencies including McCann Erickson, Universal McCann, Initiative and Lowe, is understood to be considering “targeted cuts” affecting less than 5% of its worldwide staff.
It follows promises by IPG chief executive Michael Roth (pictured) to manage the business “conservatively” through the downturn. He told investors in October that the group would remain “extremely focused on controlling costs and managing margins”.
Earlier this week, reports claimed that Omnicom could cut 3,500 positions out of 70,000 staff globally by the end of the week. It is thought that the US will be heavily hit after BBDO lost the global $60m (£40m) Pepsi account. It was recently forced to cut over 20% of its staff in its Detroit office after client Chrysler signalled plans to reduce marketing activity.
Last month, WPP chief executive Sir Martin Sorrell warned that job cuts would need to be made across its group in the more mature markets it occupies.