June 18, 2001
BOSTON (AdAge.com) -- After parting ways with Fidelity Investments, Interpublic Group of Cos.' Hill Holliday Connors Cosmopulos is expected to lay off another 20 people within the next three months, the agency said.
In February, the agency laid off 20 to 30 people as a result of the slowing economy.
Fidelity, a client since 1996, was the agency's sixth-largest client and represented just over 5% of revenues from the $145.1 million shop, Hill, Holliday said.
The agency said Fidelity, with which it split June 15, increasingly represented a conflict with its largest client, FleetBoston Financial Corp., although there had been talk of a split for months.
$175 million last year
Once one of Hill, Holliday's largest accounts, Fidelity has farmed out brokerage work to Interpublic's Gotham, New York, as well as branding and interactive to Havas Advertising's Arnold Worldwide, Boston. Fidelity last year spent $172.5 million on measured media, according to Taylor Nelson Sofres' CMR.
Arnold is believed to have the inside track to snag the account, according to insiders. An Arnold spokeswoman said she had no knowledge of an account shift.
Copyright June 2001, Crain Communications Inc.