Draft Cuts 7% of Its N.Y. Staff

CHICAGO Interpublic Group’s Draft has cut 40-50 employees—about 7 percent of its New York office staff—as it winds down its relationship with Bank of America, sources said.

A Draft representative confirmed layoffs had taken place in New York “to bring staffing levels in line with revenue,” but would not offer specific numbers.

BofA in August awarded its $600 million marketing services account to Omnicom Group after a holding company pitch that included IPG and WPP Group. The Omnicom agencies involved in the competition included BBDO, OMD, Organic, Live Technology, Javelin, Cultura, Radiate Group and TPN.

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