Wells Fargo has named BBDO lead creative agency after a review.
The San Francisco-based company began a process last fall. Incumbent DDB, which had been with the company for 18 years, was invited to participate, though the agency was not among the finalists.
In addition to Omnicom's BBDO, the finalists were TBWA/Chiat/Day in Los Angeles, along with WPP's JWT and Interpublic's Mullen. Wells Fargo will continue to work with its other agencies, such as Interpublic's MRM, a digital shop, and sibling agency UM and Omnicom's OMD for media, along with some multicultural agencies. Select Resources on the West Coast managed the review process.
"BBDO demonstrated exceptional creativity and big ideas, which made a compelling case for moving forward and officially establishing this new relationship," said Jamie Moldafsky, Wells Fargo chief marketing officer. "As our new brand agency of record, we're confident that BBDO will bring world-class strategic expertise to tell the Wells Fargo story and communicate the value of our products and services to the consumer."
"Wells Fargo is already one of the pre-eminent banking brands in the world, and we're excited to bring our brand-building expertise in financial services to help them become not just the greatest banking brand, but one of the world's greatest brands…period," said Jim Lesser, President-CEO, BBDO San Francisco.
For BBDO, the win means that the agency has replaced its longtime Bank of America account, which it lost in 2012 after the marketer moved its account to a WPP team. The Wells Fargo account will be led out of its San Francisco office.
Wells Fargo in 2013 spent about $179 million on U.S. measured media, according to Kantar Media, down 17% from $216 million in 2012. The company spent about $207 million in 2011.
The company is the 70th largest advertiser in the U.S., spending a total of $610 million in 2013 on advertising and promotion, according to its 10-K. It spent a total of $578 million in 2012 on both measured and unmeasured media, according to Ad Age's DataCenter. According to its 10-K, it spent $607 million on advertising and promotion in 2011.
Wells Fargo & Co. is the product of the 1998 merger of Minneapolis-based Norwest Corp. and the former Wells Fargo & Co. Wells Fargo in January 2009 completed its merger with Wachovia.
Contributing: Shareen Pathak