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Grey New York is cutting 45-60 people, or about 4 percent of its staff of 1,100, with the layoffs taking effect in January.
While the WPP agency has been on a new business run this year, winning accounts like Gillette’s global creative, it also lost Energizer personal care products because of conflicts with Gillette and resigned E*Trade after the arrival of a new CMO who put the account into review.
In addition, the agency’s client Radio Shack, which was spending about $200 million when Grey won the business last year, is having financial difficulties, per sources, and has drastically cut back its marketing budget.
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