May 22, 2018
WPP division loses HSBC account
WPP has suffered another blow since the recent departure of Martin Sorrell as chief executive with the loss of HSBC as a client of Mindshare, its media agency. The bank has moved its media buying account, worth an estimated $400m, to PHD, which is owned by WPP rival Omnicom. PHD won the deal following an HSBC global agency review, which was managed by consultants ID Comms. "We periodically evaluate all marketing service suppliers to ensure we maintain the best working relationships to support our strategic goals," said Leanne Cutts, group head of marketing at HSBC. Ms Cutts added that HSBC had "Selected PHD" as their "Preferred media planning and buying supplier" as the company had "Demonstrated strong strategic skills and advanced digital transformation capabilities". One person briefed on the HSBC pitching process said that companies concerned about their marketing strategies were simply "Changing their clients for change's sake" and that "Accounts are going on a merry-go-round".
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