Omnicom Group up as co lays off more than 4,000 employees

Omnicom

01/12/2025 14:55

** 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

 (Reporting by Arnav Mishra in Bengaluru)

 ((Arnav.Mishra@thomsonreuters.com;))