Publicis Groupe began reducing staff across its US agencies this week after major clients like Disney and L'Oreal slashed their ad budgets.
Agencies have responded with a combination of salary cuts, reduced hours, and layoffs in the mid-to-low three digits. Its data firm Epsilon eliminated a small number of jobs in April and is expected to go through another round of cuts next week. Publicis is the last of the major holding companies to reduce staff in the US due to the economic effects of the coronavirus.Ad holding company giant Publicis Groupe began an extended round of staffing reductions at its US agencies this week, sources said, as the effects of the coronavirus continue to cut through the advertising industry.
Publicis agencies have been making a combination of salary cuts, reduced hours, and layoffs, with its data firm Epsilon most directly affected. The cuts were by confirmed by four people who have direct knowledge of the cuts, three of whom are current Publicis employees. All are known to Business Insider but requested anonymity because they aren't authorized to discuss the matter.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
$1.5 billion data analytics unicorn Segment cut 10% of its staff - Business InsiderThe $1.5 billion company offers customer data services to take on Oracle and Salesforce, a bid that has won it close to $284 million in total funding.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How investment bankers are doing deals without travel to see clients - Business Insider'Stunning efficiency': For certain corners of Wall Street, dealmaking is happening faster than ever. That could mean a permanent lifestyle change for some investment bankers.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stack Overflow reduces workforce by 15% with furloughs and layoffs - Business InsiderStack Overflow, the site where millions of programmers get their questions answered, is reducing its workforce by 15% because of coronavirus
Source: BusinessInsider - 🏆 729. / 51 Read more »
I used to spend $1,000 a month on travel, now it's going to retirement - Business Insider'To follow Warren Buffett's famous advice, I'm being greedy when others are fearful. You can look at a market crash as a sign to stop investing, or you can look at it as a discount on stocks that will almost surely go back up in value again.'
Source: BusinessInsider - 🏆 729. / 51 Read more »
Earn Southwest elite status through credit card spending - Business InsiderYou can currently earn bonus points on groceries with Southwest credit cards, and spend your way to elite status without even flying
Source: BusinessInsider - 🏆 729. / 51 Read more »
Video game delays due to coronavirus likely to hit in early 2021 - Business InsiderXbox lead Phil Spencer says the industry will start to see the impacts of coronavirus in early 2021, as some crucial aspects of video game production have 'basically stopped' Doesn't matter. Huge backlog across all platforms I own that will last years anyway. That’s why I’m buying day 1. I’m not waiting another 6 months for another batch of series x
Source: BusinessInsider - 🏆 729. / 51 Read more »