Colin Byrne, Weber Shandwick's EMEA CEO, said the financial downturn had meant Bailey's US role was now redundant. It is understood that Bailey will remain at the agency for a number of weeks.
In July 2008, Bailey relocated to New York to concentrate on the agency's international financial comms capabilities. It had been envisaged that Bailey would spend a week every month back in the UK.
Bailey rejoined Weber Shandwick's financial arm in 2005. Before that he was an MD of FD's US operations.
At Weber Shandwick, deputy MD Steve McCool will assume full leadership of the agency's UK financial practice, which he has been running on a day-to-day basis.