Sorrell Tips a Recovery 'of Sorts' in 2010 [Edition 3]

Evening Standard - London › March 07, 2009

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Summary

WPP chief executive Sir Martin Sorrell believes that worldwide "massive Keynsian fiscal injections, quantitative easing and cuts in interest rates" will stimulate economic recovery "of sorts" next year.

But the boss of the world's secondlargest advertising business also warned that this year he will be cutting his cloth to suit the downturn: "If revenues come down by 2% -- and we'll have to wait and see if we are right about that -- then our headcount will have to come down by 2%." That means well over 2000 jobs will go out of a global workforce of 112,000.

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Sorrell Tips a Recovery 'of Sorts' in 2010 [Edition 3]

Sorrell added: "Like-for-like revenues rose by 3% in 2008 but headcount went up ...

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