Goldman Sachs to Combine Assets

$25 Mil. Account Covers Recruitment, B2B and Consumer Ads
NEW YORK–Investment-banking powerhouse Goldman Sachs is in the early stages of a review for its estimated $25 million ad account.
Currently, the business is split among three New York shops: Lowe Lintas & Partners (corporate ads), Doremus (business-to-business) and Mezzina/Brown (recruitment and collateral).
Doremus and Mezzina/Brown are expected to participate, while Lowe is not, sources said. Lowe and Doremus referred calls to the client; Mezzina/Brown could not be reached.
Goldman Sachs has retained Boston-based Pile and Co. to oversee the review, said sources. Key Goldman Sachs players include David May, vice president, director of global marketing communications, Amanda Rubin, vice president, advertising, and project manager Wendy Rosen.
More than a dozen shops have been contacted; the list will be pared to six, based on responses to RFPs, sources said. The client will cut again–to three–after capabilities presentations, slated for early May.
In the past, Goldman Sachs has relied on print advertising in business staples such as The Wall Street Journal. Last year, the company spent more than $13 million on measured media, about double what it spent in 1998, according to Competitive Media Reporting.
A recent Doremus ad touted the company’s “market know-how, industry experience and distribution network,” and employed the tagline, “Unrelenting thinking.”
Spending in the category has risen in recent years, partly in response to the encroachment of customers by new competitors. In 1999, according to CMR, Goldman Sachs rival JP Morgan spent about $20 million, and Salomon Smith
Barney, another competitor, spent nearly $50 million. K