September 2008
Wachovia has announced it has selected Ogilvy as its advertising and marketing agency of record.
Ogilvy will be responsible for developing Wachovia's advertising campaigns and partnering with the company on integrated marketing communications in support of the Wachovia brand.
The company declined to disclose the exact size of its annual advertising budget, but said it would likely be smaller in 2009 compared to 2008 given market conditions. The new agency contract will allow Wachovia to become more efficient in its advertising spend, consolidating most activities with a single agency partner. Any new advertising campaigns would likely launch in the first half of 2009.
"Selecting one of the premier ad agencies in the world should be viewed as a strong indication of our focus on future growth," said Art Smith, head of Global Brand Marketing at Wachovia. "The Wachovia brand is synonymous with the best customer service in the financial industry, and the Ogilvy team has the expertise and creative strength to help Wachovia ensure that our brand remains strong and becomes even more valuable over time. First and foremost, we want our brand and advertising messages to help Wachovia drive success for our diverse businesses, which serve consumers and companies of all sizes."
Wachovia began a review of its existing advertising agency relationships in May 2008. The review included a number of the nation's top agencies, including Wachovia's agency of record.
"Wachovia is a quintessential American brand with huge growth potential," said Carla Hendra, Co-CEO of Ogilvy North America and Chairman of Ogilvy New York. "We are thrilled to be partnering with the Wachovia marketing team as they design a brand strategy for the long term that will translate to competitive advantage in the marketplace."
Ogilvy will be the company's lead agency and will partner with Maxus for media planning and buying, Neo for digital marketing, and Soho Square for specialty marketing services.
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