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Advertising group WPP to axe 7200 jobs
ADVERTISING and marketing group WPP is to axe 7200 jobs this year, expected to include scores of posts in the UK.
WPP, which owns MediaCom, Metro Ecosse and BDG McColl in Edinburgh, has already cut around half this number from its workforce in an effort to combat tough conditions in the recession.
The business has suffered as difficult economic conditions lead companies to slash their advertising and marketing expenditure.
Reports suggest more UK jobs could be affected as the firm looks to reduce its global staff number by six per cent to 106,000 by the end of 2009.
Last week, chief executive Sir Martin Sorrell indicated that WPP's like-for-like revenue would probably fall by around 5 per cent this year, about double what he predicted two months ago.
The firm said its UK and US markets had suffered the worse effects of the economic slowdown.
However, it saw total revenue surge by 11 per cent in the first quarter thanks to an aggressive acquisition strategy.
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