BUZZ-Omnicom Group up as co lays off more than 4,000 employees
Omnicom Group's shares rose 1.3% after announcing layoffs of over 4,000 employees and folding several advertising brands post-acquisition of Interpublic Group. CEO John Wren stated the job cuts, mainly in administrative roles, would exceed the projected $750 million in annual cost savings. Omnicom's stock had fallen 17% YTD before this announcement.
Shares of ad and marketing firm Omnicom Group (OMC.N) up 1.3% to $72.55
OMC says will lay off more than 4,000 employees and fold several well-known advertising agency brands, after acquisition of rival Interpublic Group (IPG.D) , Financial Times reports, citing an interview with co executives
OMC boss John Wren says job cuts are mainly in administrative roles, including some leadership positions too, Financial Times reports
John Wren says financial benefits would surpass the $750 million in annual cost savings initially projected to investors, according to the report
Co did not immediately respond to a Reuters request for comment
Up to last close, OMC had fallen ~17% YTD
