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Financial Institution Opens Review; Billings Worth $75 Million

By Published on .

CHICAGO (AdAge.com) -- Leo Burnett USA has resigned the Morgan Stanley account in wake of the financial services company putting the business up for review.

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'Recent changes'
"In light of recent changes at Morgan Stanley, Leo Burnett has decided to resign as its advertising agency of record," the agency said in a release.

"Morgan Stanley's goal is communicating our brand as effectively as possible," a Morgan Stanley spokesman said. "To that end, we initiated an agency review and invited Leo Burnett as well as several other agencies to participate. That process is continuing."

Starcom USA
Burnett's Publicis Groupe sibling Starcom USA, part of the Starcom MediaVest Group, continues to handle media for the financial giant, a Starcom spokeswoman said.

The review follows the ouster of Morgan Stanley CEO Philip Purcell and the departure earlier this summer of its chief marketing officer, Phil Raskin, a former executive at the Chicago-based agency.

Started with Dean Witter
The agency has handled the account since 1988, when it picked up the coount of Dean Witter. Morgan Stanley subsequently acquired Dean Witter in 1997.

Morgan Stanley spent more than $75 million on measured media in 2004, according to figures from TNS Media Intelligence.

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