Brunswick has made close to ten consultants redundant, and FD – which recently announced its own redundancies (PRWeek, 28 November 2008) – has created Europe’s first dedicated restructuring and recapitalisation comms practice.
The job losses at Brunswick are understood to be spread across the business and have not affected any partners at the 450-strong firm.
A senior source at the agency said Brunswick wanted to ensure costs were in line with market conditions. No more redundancies are expected in the short term, but long-term plans depend on market conditions.
In a move unrelated to the job cuts, James Hogan, head of the agency’s international media practice, is to leave the firm. Hogan has led the practice for more than ten years but will leave Brunswick at the end of February.
Hogan said the time had come for ‘a new challenge’ but would not reveal his next move.
Meanwhile FD has built on its experience of working with clients such as Northern Rock, AIG, SG and INEOS by forming a dedicated European practice that will support firms that are being restructured.
The team will bring toget-her expertise from across the group and will be led jointly by senior MDs Giles Sanderson and Jonathan Hawker.
‘I think this will be our biggest and most active source of new revenues for the next two to four years,’ said chief executive Charles Watson. ‘This creates the most responsive and comprehensive capability that has ever existed in the communications industry for these situations.’