WPP the next to make redundancies ahead of 2023
WPP has made a number of staff redundant, as it becomes the latest company to feel the effects of a looming 2023, Mumbrella can reveal.
While WPP declined to comment, Mumbrella understands the current number is in the single digits. However it is also understood to be part of a number of phased redundancies as it looks to restructure its resources.
Last week, Mumbrella reported that both Ogilvy and M&C Saatchi were the first advertising agencies to see job cuts, as both look to align staffing to budgets heading into Q1 uncertainty.
It is understood that more cuts are on the way at WPP at a group level, with some time now between the completion of the buyout of WPP AUNZ, the locally listed entity.
As its own listed company, WPP AUNZ necessitated a number of its own functional staff, including divisions like IT and people and culture, leaving the now merged business with an artificially high headcount.
With many now-duplicated roles, sources indicate WPP locally will now look to cut down its circa-200/250 person staff by around 10%.
Following last week’s report, Amazon has indicated it is set to be the next major tech company to cut staff, with around 11,000 redundancies thought to be in the pipeline, joining both Meta and Twitter with major staffing reductions.
WPP’s share price has slumped across 2022 on the London Stock Exchange, however, it has performed well over the past month, in line with the FTSE 100 index.
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