Interpublic Group's Universal McCann and MRM have been selected by Wells Fargo to handle digital media and creative duties respectively after a review, according to sources. The agencies teamed up for the winning pitch, sources said.
The client spends approximately $35 million a year on digital media, according to sources. The pitch was handled out of San Francisco, where the client is based.
Previously, digital chores were handled by a number of unidentified agencies. Sources said much of the client's previous work was done on a project-by-project basis.
Omnicom's OMD, which works on traditional media chores for the client, participated in the pitch, per sources. OMD continues to handle offline media planning and buying duties for the client, which were not part of the review. The client's expenditures on traditional media totaled $140 million last year, down from $180 million in 2008, according to Nielsen.
The agencies either didn't return calls or referred questions to the client. A Wells Fargo rep indicated that the parties had not yet signed a service contract: "While I can confirm we are in contract negotiations, we decline to provide further information about this contract," the rep said.
Wells Fargo has $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance services. It operates community banks in 39 states.
For UM, it's the second piece of new business disclosed this week. Earlier, it won media chores furniture company Ethan Allen.