HSBC moves global business from WPP to Omnicom' s PHD
This represents another huge loss for WPP after the exit of Sir Martin Sorrell earlier this year
HSBC Bank has moved its global media business from WPP to Omnicom’s PHD following a review which began in January. This is a major setback for WPP as this represents another major account loss faced by the company. The HSBC account was handled by WPP’s Mindshare and the account has billing of around $400 million and is worth over $20 million in annual revenue.
HSBC said in a press statement, “We have selected PHD as our preferred media planning and buying supplier as they demonstrated strong strategic skills and advanced digital transformation capabilities. In a complex media and communications marketplace, PHD's overall approach stood out as being forward thinking, yet straightforward and pragmatic”.
WPP has lost major accounts which included AT&T, Volkswagen, Amgen, Marriott, and Campbell, after the sudden resignation of chief executive Sir Martin Sorrell. WPP’s business with American Express and Ford Motors are also under review.
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