BBDO has won a wide-ranging $50 million assignment from Charles Schwab & Co., with responsibility for an image campaign for its financial services, due this fall. The agency also won Schwab's media planning duties.
Schwab previously divided its assignments among several shops. A review had ostensibly been under way for Schwab's sports promotion business, resigned by Lowe & Partners/SMS, New York. Billings, however, were estimated at $30 million--double what Lowe's sports business had been --fueling speculation of a wider review [Adweek, June 1].
"BBDO came in and blew us away," said Len Short, the client's executive vice president of advertising and brand management, referring to the shop's branding work for clients such as Visa. BBDO, New York, was also made Schwab's lead agency, responsible for sports promotion and TV advertising for OneSource mutual funds, previously handled in-house.
Participants in the review included Foote, Cone & Belding in Chicago, Wieden & Kennedy in Portland, Ore., and TBWA Chiat/Day in Venice, Calif.
Schwab may eventually shift all media duties to BBDO, moving spot buying from The Media Edge, direct from Western International Media and network and cable TV from Rubin Postaer and Associates, said sources.
Short said the company's $30 million online trading and brokerage ad duties would remain at Suissa Miller, Los Angeles, which broke new print ads last week. Schwab spent $95 million on ads in 1997.--with Angela Dawson
and Mike McCarthy