Following executive changes atop its marketing ranks, financial services firm Wachovia has placed its ad account in review and is in the process of hiring a search consultant, a client representative said late last week. The Charlotte, N.C.-based bank spent $120 million in measured media last year, down about 15 percent from 2006, per Nielsen Monitor-Plus.

Both offline and online assignments, creative and media, are in play, with a decision expected sometime in the third quarter. Art Smith, director of global brand management, who joined Wachovia in December from a unit of H&R Block, and CMO Ranjana Clark, a longtime bank executive who rose to the top marketing slot a year ago, will be the key decision makers. Smith and Clark's ascencion is a key factor driving the review, along with the length of time the incumbents have worked on the business, the rep said.

Interpublic Group's Mullen in Winston-Salem, N.C., has handled offline creative and media since 2001. Aegis Group's Carat Interactive in Boston has handled online chores since 2003. The Wachovia rep said the incumbents are invited to defend. Officials at both Mullen and Carat declined comment.

Asked if online and offline chores could be consolidated at a single shop in the review, the rep said: "Anything's possible."