Posted on: October 14, 2008

On the short plane trip to the DMA I was catching up on some industry news via AdWeek. I read probably the most disheartening “the economy sucks” story since the crisis started to be big news.  

The day before Wachovia was bought out by Wells Fargo, it awared it’s 150 million ad duties to Ogilvy & Mather. A new business pitch that cost the agency upwards of a quarter million dollars and was a significant win for the agency. 

Unfortunately for Ogilvy, the buyout puts their win in limbo. Not only will the 2009 budget be siginificantly less than th 150 million ad spend, as Wells Fargo’s agency of record is Omnicom’s DDB, its unknown if Ogilvy will seen any of the account at all.

Similar advertising issues with the WaMu buyout by Chase could result in the loss of 135 million ad spend from TBWA\Chiat\Day if WaMu’s budget is moved elsewhere. 

I cannot imagine the devestation of winning and then losing a 150 million dollar account within 24hours. 

Read more about it here and here.


1 Response to "Win."

[…] · Filed under agencies ·Tagged economy, jobs It looks as though the budget cuts and the loss of big accounts, is hitting the some of the big agencies hard. According to Tribble Ad Agency and Brand […]

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