A new round of WPP layoffs is taking place in the near future as the ad company said that it it is reducing the size of its workforce by up to 2.6%.
Source: WPP
The largest ad agency in the globe said that it will cut up to 3,500 jobs from the 134,000 workers that the company currently employs in 110 countries. The company did say that it will also hire 1,000 new workers throughout its agencies in senior management positions.
“WPP has become too unwieldy, with too much duplication,” company CEO Mark Read told Reuters. “It is not always as focused or as fleet of foot as it needs to be to satisfy the needs of all our clients around the globe.”
The WPP layoffs are slated to take place by 2021, costing the company $377 million and begin saving them $345 million a year throughout the coming years. The company has seen its earnings disappoint in recent quarters, sending its market value down by roughly £2.6 billion ($3.6 billion).
The ad conglomerate owns a number of prominent agencies around the world, including Ogilvy & Mather.
