WPP Plc, a multinational advertising and public relations company which bills itself as “the world leader in communications services”,  has ordered managers to cancel all hiring until early 2019 while new CEO Mark Read “grapples with a slowdown in business, according to people with knowledge of the matter,” reports Bloomberg, which added that  “WPP was considering hiring about 2,000 new employees based on previous forecasts and its top managers have been told to stop the recruiting immediately, the people said, citing details of an internal memo from Group Financial Controller David Barker. The people asked not to be named as the matter is private.

““We need to take urgent action to stop this now” as the company must “try and protect” the business in coming years, according to the memo dated Oct. 26.

“The global ad network, which employs around 134,000 people and includes agencies such as Ogilvy, Grey and J.Walter Thompson, cut its profit forecasts last week, triggering the biggest share slump in almost two decades.”

In the D.C. area, WPP has a number of agencies, including AKQA, HZ, Hill+Knowlton Strategies, ISL, Ogilvy and The Glover Park Group.

More here.

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