Sources familiar with the matter confirm that Ogilvy let go of some staff today in the New York and LA offices. From what we’ve been told, the cuts, which were made across departments, affect “less than three percent” of staff in said locations. The primary reasons, according to our sources, is that clients are “being very cautious” about spending in 2012 and relationships are changing from retainer to project-based. In addition, we hear O&M is “remixing” its talent to accommodate needs. Take that as you will.