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Chuck Burton / AP A Wachovia branch bank. |
] giving its nearly $150 million advertising and marketing business to Ogilvy & Mather, news started to leak out that Citigroup [C
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] is buying the majority of Wachovia's assets. Which threw a wrench into the advertising deal, to say the least. With its acqusition pending, Wachovia held off on finalizing its contract with Ogilvy. Bank acquisitions like this one don't just mean upheaval for the financial landscape, they're also changing the advertising environment.
It's a bad thing for Ogilvy & Mather (owned by WPP [WPPGY
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]) to lose this nearly $150 million in annual business just before this deal — which seemed like a sure thing — closed.
And it's not the only acquired bank whose ad spend is up in the air: WaMu [WM
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] spent north of $170 million on advertising last year, a big client for TBWA/Chiat/Day. What will happen to that brand and its ad spend now?
Lehman [LEHMQ
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] and Bear Stearns were just small advertisers, Merrill Lynch [MER
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] representing more advertising spend. But it's these consumer-facing brands like Wachovia and WaMu whose disappearance could deal a huge blow to advertising agencies.
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