THL (the private equity owners) have told managers that they need to eliminate $20 million in salaries by the end of the year (across all of inVentiv). GSW will be hit hardest because there are more high salaries there than elsewhere. It also means that a sale may upcoming- the numbers look much better with lower expenses.
I work at the NYC GSW and we've heard rumblings of layoffs to cut salaries too. Also heard that the Columbus office may be moving.
Columbus office not moving. only in Columbus. how do you move an entire agency to another city. They are getting rid of all redundant people at the top of each agency. Layoffs already occurring as we speak. Not going to be pretty
No way Columbus would move anywhere, even within Columbus. Too expensive, too disruptive, plus they have a a good lease and management doesn't care about a new fancy building or cool space.
Looks like the last of the agencies will be consolidated into GSW. Word is that no more focus in one area
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Palio, GSW Newtown, Navicor will all be folded into GSW. These offshoots have never made any sense- or any money. GSW NYC and Columbus will merge into one. They are expensive and redundant. Most likely landing spot would be NYC, with new management.
Garnett should retire doesn't offer anything anymore and goes home at 3pm. Dave ego is so big that he forgets there are 1000 people in the industry that are better than him and Marvin...wellll
The company will be sold as soon as soon as they find a buyer. That could be in a day, or a year. Given the current takeover/merger environment, it is likely to be very soon IMHO. But just like the previous sales of GSW, inChord, inVentiv, no one will see it coming. You can be sure it will happen, as THL (and their investors) is in the business of buying and selling companies. Before it happens, lots more chopping of salaries to make the books look better.