Citing the negative impact of the pandemic on its business, Omnicom Group had a second quarter revenue decline of 24.7% to $2.8 billion, reports MediaPost, which adds that the net loss for the quarter was $24.2 million compared to net income a year ago of $370.7 million.

The firm also reported a global organic revenue decline of 23%. No region was spared: The U.S. fell 20.7%, the UK 23.7%, Europe 29.4%, Asia Pacific 18.6%, Latin America 24.1% and the Middle East & Africa 39.4%, adds MediaPost.

“Cost cutting in the period was extraordinary—6,100 staffers were let go as the firm cut its real estate space by one million square feet. Severance, impairment and other “repositioning costs” totaled about $278 million. But going forward the cost cuts are expected to save $500 million on an annualized basis,” states MediaPost.

In a Reel 360 post on April 14, Omnicom CEO John Wren, pictured above,  said staff reductions, salary slashes and furloughs were happening across Omnicom agencies which includes DDB, BBDO, TBWA\Chiat\Day, Fleischman Hilliard, Goodby, Silverstein and Partners and more.

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