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Y&R may lose $23 milliom account to former exec

Published on .

DUESSELDORF -- German mortgage savings bank Wustenroth Bausparkasse has fired its agency of 22 years, Young & Rubicam, Frankfurt. Wustenroth has not yet named a new agency, but it's expected that the budget will be handed to an agency being formed by Jens Hagstrom, a Y&R management supervisor who has worked on the Wustenroth account for many years. Mr. Hagstrom has already left Y&R and is setting up a new agency with Hamburg-based Slagman. A decision on the new agency is expected within two weeks.

Copyright July 1998, Crain Communications Inc.

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