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The advertising downturn has sparked further job cuts among Britain's agencies, with Abbott Mead Vickers BBDO and HHCL & Partners announcing a total of 31 redundancies, and M&C Saatchi admitting it will be following suit.
The latest round of redundancies is compounding fears that the dramatic drops in adspends will continue well into next year.
The 18 redundancies at AMV are the first made in the 24-year history of the country's biggest agency, which managed to avoid lay-offs even during the recession of the early 90s.
But with pitching activity having fallen off, spending reductions across its 45-strong client base and other cost-cutting measures having been exhausted, AMV's chairman, Michael Baulk, said there was no alternative to job cuts.
At HHCL 13 staff, drawn from all departments, have been axed. Meanwhile, M&C Saatchi, which expects to be hit by the drop in British Airways' promotional activity, said it was "looking closely at costs and the possibility of redundancies".
Two-thirds of the redundancies at AMV are being ...