Advertising giant WPP plc to slash thousands of jobs in major shake-up
Multinational advertising business WPP plc is slashing thousands of jobs as part of a major restructure.
The company confirmed plans this morning (December 11) to cut around 3,500 jobs and create around 1,000 new roles.
While the changes are forecast to cost in the region of £300m, Sky News reported that the restructure is part of a plan to reduce annual costs by £275m.
WPP currently employs a global workforce of around 130,000 staff, including 14,000 UK employees.
In addition to the job losses, the shake-up will see the firm merge 100 of its offices and shut down 80.
According to Reuters, a company spokesperson said: “WPP has become too unwieldy, with too much duplication.
“As a result 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 job cuts will target these areas of “duplication”, while the new positions will focus on shoring up WPP’s tech and creative credentials.
WPP is led by new chief executive Mark Read, who joined the firm in the late ’80s.
Today, the London-headquartered company’s client list includes a raft of multinational brands, among them Unilever, Ford, Vodafone and P&G.
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