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CHICAGO — Foote, Cone & Belding here laid off 60 employees, or about 10 percent of its staff, on Thursday sources said-the result of the loss of its Quaker Oats business and reduced client spending across the board.
The cuts had been expected since Pepsi-owned Quaker pulled about $350 million in business from FCB, most of it from the Chicago office, in mid-September. The agency awaited the results of the Boeing review before making the layoffs, which would have been worse had the shop not prevailed in that contest.
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