Tokyo-headquartered Dentsu Group has revealed plans to slash 12.5 per cent of its global workforce – some 6000 jobs – over the next 12 months.
It is, as yet, unclear how the Australian operations will be affected.
Last month the holding company announced plans to consolidate its 160 brand agencies into just six global brands. Those plans will come into effect in February 2021.
The annual cost savings from the restructuring and job cuts are expected to save the agency $US530 million ($A714 million) from the end of 2021.
Dentsu has forecast a consolidated COVID-inspired net loss of 23.7 billion yen ($A305 million) for 2020.
The reforms at overseas operations, including job cuts, are projected to cost roughly $820 million ($A1.015 billion) through 2021.
The holding company currently employs 67,000 people globally. Last November, it rolled out a voluntary retirement program for its Japanese workforce that saw full-time employees become independent contractors.
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