Prior we noted that WPP group plc had Wachovia for 7 hours.. it was actually 8
September 29, 2008
In one of the most comical issues to hit the advertising agency space in a long time, WPP group plc and Ogilvy & Mather (O&M) issued a press release stating that they landed Wachovia on Friday… but Monday.. the company was sold to Citibank .. we informed the public that they were under threat to be fired within 7 hours.. we were mistaken.. it appears that they will be losing the account in 8 business hours… (48 hours if you count the weekend)
Then hot off the presses Monday morning we read this release stating that Citibank has now purchased the distressed bank.
Wachovia claimed to have a 150 million dollar spend.. we don’t think that WPP got one penny of the that spend… we don’t even know for sure if WPP or Wachovia paid for that press release.
However Parker did note that the chances are WPP spent money trying to land the now non existent account (it’s it’s a Citibank division now).
The Citibank agency of record is Euro RSCG and their holding company is Havas… not WPP.. … like Havas is going to allow feeding of a competitor WPP in the mix..… They’ll sell a line that “it’s better to have it under one Havas theme and one brand for business” or something along those lines.. and WPP will lose the account.
ugly… really ugly…
Edit: as with all developing stories… there is more…
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Wachovia issued the press release. Probably to send a message that they were going to support their brand. A little too late I suppose….
So they issued a press release on Friday saying they were handing 150 million to WPP to advertise their brand… when on Monday they got rid of the brand all together by selling to Citibank?
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