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Interpublic Group CEO David Bell on Tuesday will outline an estimated $200 million global restructuring that will result in hundreds of job cuts and the consolidation of some back-office functions, said sources.
In May, Bell told industry analysts that the goal of the restructuring is to get IPG’s margin back into “competitive range.” Tomorrow, he will discuss the belt-tightening moves during a conference call on second-quarter results.
Underperforming IPG shops—including McCann-Erickson, Initiative Media, Draft and Lowe—are in the process of eliminating positions globally, according to sources.
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