Cordiant Issues Fresh Profit Warning and Cuts 400 Jobs ; NEWS ANALYSIS Advertising Giant Says Trading Conditions Are Extremely Difficult as New Study Predicts Further Decline for the Industry Next Year

Cope, Nigel, The Independent (London, England)

AS ADVERTISING executives gathered in New York yesterday for the UBS Warburg media conference, the sector was hit by yet another body blow.

Cordiant Communications, the advertising group which owns the Bates Worldwide agency, issued another profits warning and announced 1,100 job cuts. Many of the redundancies are expected to fall in the United States where the market is still reeling from the after- effects of the 11 September terrorist attacks.

And as UK industry leaders including Cordiant's Michael Bungey and WPP's Sir Martin Sorrell lined up to speak at the conference, a new study of the advertising outlook made for gloomy reading. The forecast by Zenith …

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Publication information: Article title: Cordiant Issues Fresh Profit Warning and Cuts 400 Jobs ; NEWS ANALYSIS Advertising Giant Says Trading Conditions Are Extremely Difficult as New Study Predicts Further Decline for the Industry Next Year. Contributors: Cope, Nigel - Author. Newspaper title: The Independent (London, England). Publication date: December 4, 2001. Page number: 17. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.

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