Omnicom’s PHD is reported to have won HSBC’s $400m global media account, displacing long-term incumbent WPP’s Mindshare.
If so it’s a new headache for acting WPP COOs Mark Read and Andrew Scott, already dealing with numerous reviews including parts of $4bn biggest client Ford.
Is there a Sorrell factor in such a move? The now departed CEO involved himself in many such reviews; putting together special pitch teams and often coming up with a whole new agency to keep a valued client. HSBC is not a massive client in ad terms but it’s important for WPP with JWT in the UK handling creative.
HSBC is another considerable feather in the cap for PHD, once Omnicom’s second-string network and, for years, not that big in the UK whence it hailed. Two years ago it won £2bn Volkswagen worldwide from WPP’s MediaCom and then also added to its global Unilever business.
With Manning Gottlieb OMD (also part of part of Omnicom) being confirmed this week as the new agency for the UK government’s £140m media spend it’s been a good media week for Omnicom.