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HSBC has shifted its $400M global media account to Omnicom's PHD from WPP's Mindshare unit following a competitive review, according to AdWeek.
The loss of the prestigious account serves as a blow to the No. 1 ad/PR conglom, which is trying to regain its footing following last month's "extraction" of founder Martin Sorrell from the helm.
Sorrell, who is plotting a return to the communications scene, reportedly had close ties with HSBC executives.
Europe's largest banking operation launched the review, which was handled by ID Comms, in January.
Japan's Dentsu also bid on the business.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
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