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Plagued by client spending cuts and the slow economy, Digitas last week announced its first layoffs since the agency went public a year ago.
The shop said it cut about 3 percent of its staff—65 people. Expected real estate expansion in the shop’s Boston headquarters and its New York office has also been halted. Digitas expects to take a one-time charge of $8-12 million in the second quarter of 2001 as a result.
In addition, the company announced a temporary 5-percent pay cut for its 70 highest-paid executives.
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