WPP denies reports of job cuts plan
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UK-- WPP has denied reports that it is planning to cut thousands of jobs.
The Observer reported yesterday that the marketing services group, which employs more than 100,000 people, was to cut “several thousand jobs” in line with guidelines for companies' staff costs to stay below 60% of their revenue.
But a spokesman for WPP told Research there were no plans for cuts, and no group-wide guidelines for the ratio of staff costs to revenue. “Staff costs are monitored across each individual operating company, and each is treated as a separate entity,” the spokesman said.
In a trading update in October, WPP said that although 2009 will be “very tough”, particularly for North America and Western Europe, modest overall growth would be possible thanks to growth in other markets.
WPP owns the Kantar Group of research and insight firms, which includes TNS, Research International and Millward Brown.
Author: Robert Bain
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