HSBC moves global business from WPP to Omnicom' s PHD
This represents another huge loss for WPP after the exit of Sir Martin Sorrell earlier this year
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HSBC Bank has moved its global media business from WPP to Omnicom’s PHD following a review which began in January. This is a major setback for WPP as this represents another major account loss faced by the company. The HSBC account was handled by WPP’s Mindshare and the account has billing of around $400 million and is worth over $20 million in annual revenue.
HSBC said in a press statement, “We have selected PHD as our preferred media planning and buying supplier as they demonstrated strong strategic skills and advanced digital transformation capabilities. In a complex media and communications marketplace, PHD's overall approach stood out as being forward thinking, yet straightforward and pragmatic”.
WPP has lost major accounts which included AT&T, Volkswagen, Amgen, Marriott, and Campbell, after the sudden resignation of chief executive Sir Martin Sorrell. WPP’s business with American Express and Ford Motors are also under review.
HSBC said in a press statement, “We have selected PHD as our preferred media planning and buying supplier as they demonstrated strong strategic skills and advanced digital transformation capabilities. In a complex media and communications marketplace, PHD's overall approach stood out as being forward thinking, yet straightforward and pragmatic”.
WPP has lost major accounts which included AT&T, Volkswagen, Amgen, Marriott, and Campbell, after the sudden resignation of chief executive Sir Martin Sorrell. WPP’s business with American Express and Ford Motors are also under review.
