JPMorgan Chase is reviewing its digital advertising business, which sources describe as a massive undertaking, given the company’s numerous divisions and agency relationships.
All told, the company spends an estimated $70-80 million annually on digital ads across all divisions, including the retail bank, card services and investment banking.
The work in play ranges from the creation of banner ads and online video ads to search engine marketing, social media efforts and mobile marketing, sources said. Such ads are directed at both consumers and other businesses.
The primary incumbents on the business are Dentsu’s mcgarrybowen; Publicis Groupe’s Razorfish; WPP Group’s AKQA; Publicis Groupe’s Rosetta; and Interpublic Group’s Huge. Publicis Groupe’s Saatchi & Saatchi also creates digital (and traditional) ads for Chase’s Sapphire credit card.
In the review, JPMorgan Chase has reached out to advertising holding companies via a request for proposals, leaving it up to them to decide which of their agencies will pitch the business. Included in the outreach were Publicis Groupe, Interpublic, Dentsu and Omnicom Group, said sources.
The RFP is due back in late August.
As for key decision-makers, sources pointed to Claire Huang, the company’s chief marketing officer, and Gordon Abel, executive director of the digital marketing group. Huang, a former head of international marketing at Bank of America, joined JPMorgan Chase last year. Abel has been in his current role for nearly two years.
Joanne Davis Consulting in New York is managing the review, according to sources. The consultancy declined to comment and referred calls to JPMorgan Chase in New York, which acknowledged the review. The bank plans to complete its search by November.