Omnicom, an owner of advertising and marketing agencies, is cutting about 3,000 employees from its agencies. Although not all of the agencies owned by the holding company are downsizing, the layoffs amount to around 5% of Omnicom's total global workforce. The company's agencies are facing slowing revenues as clients such as Best Buy, Chrysler, and FedEx suffer in the financial crisis. As consumer sales continue to decline, clients are expected to further decrease advertising spending.
See "Omnicom Expected to Cut About 5% of Its Work Force", Stuart Elliott, The New York Times, December 18, 2008