Dentsu Aegis Network has implemented a series of cost-cutting measures across the business as it navigates uncharted territory amid the COVID-19 crisis.
Salary cuts and furloughs are reported to be among the moves made, affecting ad agencies including 360i, Carat and iProspect.
A spokesperson for the holding company said in a statement: "Since the coronavirus outbreak Dentsu Aegis Network’s primary priority has been to protect our people, preserve and nurture our client relationships and to support the local economies and communities in which we operate.
"As a result of COVID-19 business impacts, we are activating a set of cost-saving measures across the company to ensure business continuity and to safeguard our people’s livelihoods around the world.
"We consider our people to be our greatest strength and are doing everything we can to ensure we have a healthy and sustainable business for them and our clients, after this crisis passes."
The measures come as all of advertising’s major holding companies look to make savings. Last week, IPG CEO Michael Roth sent a memo to staff informing them that agency leaders have been instructed to implement a series of measures in the coming days.
(This article first appeared on CampaignLive.com)
.jpg&h=334&w=500&q=100&v=20170226&c=1)
.jpg&h=268&w=401&q=100&v=20170226&c=1)
