NEW YORK: Manning Selvage & Lee has cut 4.5% of its US staff in an
attempt to ride out the continuing slump in the economy. A total of 28
employees were let go from offices in New York, LA, Chicago, Atlanta,
Detroit, and Boston.
In a statement, Lou Capozzi, chairman and CEO of MS&L, said that the
agency was "realigning" and "rightsizing" teams based on the current
business climate.
MS&L was one of the agencies that was replaced when IBM merged its
agency work from 50 agencies to just three. IBM's PR budget is estimated
to be $40-$60 million, although the portion MS&L held,
which subsequently went to Magnet Communications, was not thought to
have a large budget.
- See profile, p.13.
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