World: New York - Y&R lays off staff at New York office

The New York office of Young & Rubicam has made more than 10 per cent of its staff redundant as a direct result of declining revenues. Sources close to the agency put the number of job cuts at 45.

In recent months, the New York office has lost a number of accounts, including Computer Associates, and has seen remaining clients dramatically scale back spending. One client, AT&T, has now decided to stop marketing to consumers.

Y&R is part of Young & Rubicam Brands. The network's global Jaguar account is also in review.