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Cordiant Communications Group predicted on Monday that underlying revenues for 2001 will decline nine percent, as opposed to a September estimate of five percent. As a result, the London-based parent company of Bates, 141 Worldwide, and Fitch, among others, said it plans to reduce its workforce of 10,000 by 1,100 or 11 percent across its advertising and marketing communications businesses.
Cordiant is expected to incur a one-time charge of nearly $36 million due to severance-related costs and other cost-cutting initiatives.
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