Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Omnicom cuts workforce by 7,000 - The parent company of two St. Louis based communications firms -- public relations company FleishmanHillard and advertising agency Rodgers Townsend -- said Tuesday it had cut its workforce by 7,000 people.

Omnicom Group Inc. made the disclosure in a post earnings call on Tuesday.

The company also said it is speeding up certain planned cost cuts and real estate consolidation.

The company had 99,296 employees worldwide as of Oct. 31, 2017.

FleishmanHillard, a global public relations firm based downtown, was bought by New York-based Omnicom in 1997. Rodgers Townsend, also based downtown, is an ad agency founded in 1996 that has created ad campaigns for AT&T, Ameren and other large companies. Omnicom acquired it in 2006.

A Fleishman spokeswoman said there has been no reduction in the St. Louis office's headcount year over year. It's unclear what, if any, impact the job cuts have had on Rodgers Townsend.

Uber could be valued at $120 billion in IPO - Uber Technologies Inc. could be valued at $120 billion when it finally goes public next year according to recent proposals made by U.S. banks, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The ride-hailing company's most recent valuation was pegged at $76 billion, following a $500 million investment from Toyota Motor Corp. in August.

Reuters reported in late September that Goldman Sachs and Morgan Stanley were in the pole position to secure top roles in Uber's IPO.

Goldman Sachs and Morgan Stanley last month delivered the valuation proposals to Uber, the WSJ report said.

Uber and smaller rival Lyft have been actively preparing to go public next year. While Lyft has hired IPO advisory firm Class V Group LLC, Uber is behind in its preparations.

Wells Fargo seeks to create Paris hub - Wells Fargo & Co. …

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