Publicis Groupe's Publicis & Hal Riney, San Francisco, cut 12 jobs because of slumping work on dot-com accounts and a pullback in advertising by First Union Corp. Dot-com clients eToys and Webvan Group are struggling, with stocks below 50 cents. Client Discovery.com, part of Discovery Communications, last year cut staff, narrowed its business plan and abandoned plans for an initial public offering. Riney no longer works with another dot-com, Doughnet.com. Meanwhile, First Union, the Charlotte, N.C., bank, last year began a restructuring and has made recent moves to cut costs.
Copyright January 2001, Crain Communications Inc.