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November 4, 2008
Amid the financial market turmoil, holding companies and their agencies are cutting spending and putting hiring freezes or layoff plans into place.
WPP Group has announced a hiring freeze regardless of salary level, writes Adweek. Omnicom has suggested that its agencies leave positions open, when reasonable, and is cutting discretionary and non-essential expenses.
The moves come as top holding companies, including Publicis, WPP, Omnicom and Interpublic, announced strong results in the third quarter and for the first nine months of the year. Yet big clients including PepsiCo, Yahoo and Motorola have announced thousands of layoffs, and the agency holding companies are playing it safe, paving the way in the event that the future becomes as challenging as many fear it will be.
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