E*Trade, M/W Go Separate Ways

CHICAGO Online brokerage E*Trade Financial and Martin/Williams are parting ways on the company’s $90 million marketing account, the agency said today.

The Minneapolis-based Omnicom shop today cut about 12 percent of its staff (30 employees) due to the anticipated revenue loss from both E*Trade and Staples, which left in May and is now with Interpublic Group’s McCann Erickson in New York.

Steve Collins, president of Martin/Williams, described the split as “amicable,” though the New York-based client has been soliciting ideas from other undisclosed agencies [Adweek Online, July 9].

“We are very proud of the work that the agency did for E*Trade,” said Collins in a statement. “With a change in marketing leadership often comes changes in agencies and we wish E*Trade the best as they move forward.” The shop had won the account following a review in July 2003.

E*Trade in June named Nick Utton, a former J.P. Morgan Chase executive, as its chief marketing officer. Utton has led the effort to solicit ideas from other agencies, sources said.

E*Trade did not return calls.