Publicis Sees ‘Leakage’ of Business After Freezing Some Hiring
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Publicis Groupe SA, the third-largest advertising company, has let business units freeze hiring to avert layoffs and has seen a “leakage” of spending from worried clients, Chief Executive Officer Maurice Levy said.
Customers’ budget cuts aren’t large and a hiring freeze that began in some parts of the company in July was meant to prevent layoffs, Levy told reporters at a Morgan Stanley conference in Barcelona today. The company’s margins will be flat to slightly up for 2011, he said.