And a number of consultants said money managers had lost accounts because of recent poor performance.
In addition to the national creative for Hyundai and its dealers association, the agency last week lost the account for the Wendy's fast food chain, and has recently lost accounts like CVS.
A slowing economy compounded by the Sept. 11 terrorist attacks reduced spending by Interpublic's customers, and it lost accounts like DaimlerChrysler, AT&T and PepsiCo Inc.
And in many instances, the job cuts are directly related to lost accounts, a cause-and-effect relationship that occurs whatever the economic climate.
The company has lost accounts like the national creative and media assignments for Hyundai Motor America, part of the Hyundai Motor Company, with billings estimated at $160 million.
"Your biggest customers were cafeterias and country clubs, and you'd go out there and they'd say, 'We don't need you no more, we've got ice machines.' You just lost account after account after account, real quick".
But it's easy to find out – a free central website, mylostaccount.org.uk, now allows you to trace lost accounts and premium bonds (patience: the search can take up to three months).
At its peak, the agency had billings estimated at $180 million; in recent years, it lost accounts like the Citizens Financial Group, part of the Royal Bank of Scotland Group, and T. J. Maxx, part of the TJX Companies.
The decision on the contract, which has a one-year renewal option, is a lift for the Foote, Cone office because it has recently lost accounts like AT&T Wireless.
The shake-up comes as Interpublic plans to reorganize Lowe, which has lost accounts like Century 21, Macy's and Tesco as well as assignments from clients like Unilever.
