Omnicom results reveal it cut over 6,000 staff in Q2 as profit tumbled almost 90%
The holding group of agencies including DDB, TBWA, OMD and PHD has revealed its operating profit has tumbled 89.1% for the second quarter of 2020, while net profit is down 106.5%.
Omnicom’s financial results also revealed the group had cut over 6,000 staff in the three months to 30 June, 2020.
The group said it expected this to be a low-point in its economic performance, however anticipated there is still more pain to come.
Weren’t they in the top 10 of the ‘Best Places To Work In 2020’?
Yes, Wait A Minute, they were in the top “Best Places to Work 2020”. As they have been for the last 12 consecutive years.
They have been exceptional in the way they have handled the last 6 months, and taken steps to minimise the impact on local employees here in Australia.Cannot fault them. If you were lucky enough to be an employee, I’m sure you’d agree.
I’d like to speak to the manager about my redundancy payment and my “Best Place To Work” badge.
How they cut so many staff whilst so many clients are on retainers!
Most clients (if they are savvy) would re-negotiate retainers based on the dramatic reduction in spend and hours, that’s how come!
OMD is the best
There can’t be two bojangs