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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.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
