Wachovia Puts $145 Million Account in Review

Mullen, Carat Are Incumbents

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NEW YORK (AdAge.com) -- Wachovia Corp. has placed its $145 million creative and media account -- currently handled by Mullen and Carat -- into review, the financial-services marketer said.

Charlotte, N.C.-based Wachovia is in the process of identifying a search consultant to oversee the agency review. At Wachovia, Art Smith, who joined as director of global brand marketing in December, will lead the review, a company spokeswoman said.

Wachovia, which is the fourth-largest bank-holding company in the U.S. based on assets ($782.9 billion as of December 2007), spent $145 million on U.S. measured media in 2007, according to TNS Media Intelligence. The marketer has had its creative and media buying at Interpublic Group of Cos.' Mullen, Winston-Salem, N.C., since 2001 and its online creative and media duties at Aegis Media network Carat, Boston, since 2002, the spokeswoman said.

A Mullen spokeswoman and a spokesman for Carat declined to comment.

The review comes in the wake of a changing-of-the-guard in Wachovia's marketing ranks; its former exec VP-chief marketing officer, Jim Garrity, who was a onetime Association of National Advertisers chairman, retired last summer and was replaced by Ranjana B. Clark.

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Contributing: Megan McIlroy
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