UPDATE 9/28/08: Wells Fargo is also making a play for Wachovia according to major media outlets.
Citibank is rumored to be in talks to purchase Wachovia. If you’re just tuning in, Ogilvy just won the Wachovia account in a shoot out against Y&R. Media is estimated at $150M. Now, of course estimates are always a little off and in the case of Wachovia, whose stock priced took a nose dive today, it would be way off.
Let us consider… Yesterday,Washington Mutual got snapped up by JPMorgan, a mcgarrybowen client. All WAMU branches will be now be rebranded as Chase banks. So, what…? Citibank eat this latest big banking turd and then what? No more Wachovia equals no need for Ogilvy’s services?
Also, as a reader astutely wrote us, it could go another way: “Citibank and Amex hate each other. Amex is Ogilvy’s largest client. Ogilvy loses Wachovia before they even get started. Can’t make this stuff up. ”
And out goes Ogilvy’s big win. Just like that and no, you can’t make this stuff up. It could all be over for Ogilvy in a matter of days. You see… the world market wanted to invest its oodles of dough. The big money fund had taken a leap in the billions range as third world economies went first; China came online, etc, etc. Consumers, stupidly, took the bait of risky mortgages. The fat cats wanted to make cash off the world market come hell or high water, so they just went for it. Blindly. VPs lied to their computers. Loan officers fudged documents. The unbelievably ridiculous concept of the ‘No income, No asset’ loan became de riguer. The logic in the banking business quickly became “if my competitor is doing it I gotta do it too. I know this is risky. It may be ethically unsound, but business is business.” They were all followers. It was high school and it was good until these callow fucks realized that it was out of control. That loan holders, banks, the market, the players in the game – they were all out of control and the numbers were beginning to reflect that very grim reality… I think I’m going to be sick.
And it all comes tumbling down right now. And that is how Ogilvy can seriously lose their big win. All you cats who said advertising wouldn’t be affected? Give me a break. Greed always gets its man and then some.
More: GM Cuts Digital Budget, Super Bowl And Begs For A Savior
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