Wasserman has confirmed that around 3% of its staff—impacting Laundry Service across its offices in New York, Portland, Los Angeles and London—were laid off, and 5% have been furloughed.
The moves also affect the broader Wasserman enterprise in sports and entertainment. Like most agencies, the COVID-19 crisis was the main reason for its workforce reduction. Across the whole of Wasserman, there are 1,000 employees around the world.
A source noted that the company took steps to protect the business and global workforce as the pandemic took root. But due to strong financials, efficient operations and business rigor, the cuts were not as severe as others in similar businesses. It’s unclear how long the furloughs will last.
Additionally, a spokesperson confirmed that Casey Wasserman, chair and CEO of Wasserman, has forfeited his salary. In further cost-cutting moves, Wasserman senior leadership eliminated bonuses and is deferring compensation. It is understood that the deferrals will last until at least the end of the year and possibly into 2021.
We haven’t heard quite as much about Laundry Service since its high-profile tête-à-tête with Papa John’s and founder John Schattner—and a parting of the ways with the agency’s founder, Jason Stein, and several employees—two years ago. But the agency has done some interesting work over the years for brands like Adobe, Amazon, Jordan Brand, Nike, the NBA, Netflix and others.