Cordiant Job Losses

Cordiant, the renamed Saatchi and Saatchi agency is to reduce staff numbers by 470. The cuts will cost Cordiant £10m in redundancy costs, shareholders were told at the annual general meeting.

In a press release, Charlie Scott, Chief Executive and Acting Chairman of Cordiant said “Action has been taken to reduce staff numbers which will result in an estimated exceptional severence cost of about £10m and will reduce staff numbers by 470.”

” The non cash write off, plus the exceptional severance costs will significantly impact the first half. However I believe that the second half of the year, while showing lower revenue, will show an improvement in profitability compared to the second half of 1994.”