HSBC Holdings Plc, Europe's largest bank, has hired WPP Group to do it's advertising and marketing, ending their contract with Lowe & Partners Worldwide. A Lowe rep says the decision to move agencies was not driven by any dissatisfaction with Lowe, in less than five years time, Lowe has built HSBC into one of the world's leading brands. This move is all about increasing efficiencies as HSBC now fits a hundred agency partners within one holding company.
WPP will now will create a team dedicated to the HSBC account and led by Thompson. It's not all bad news for Lowe, as Mark Goldstein from Fallon will soon join as their Global Chief Marketing Officer. "The new Lowe" won't be merging with anyone anytime soon.
More at the Bloomberg report.