Breaking: Lay Offs At Saatchi & Saatchi New York

Finally some real evidence that there’s a recession—ya know, besides the whole mortgage crisis, Bears Sterns bailout by the Fed, and plummeting dollar. Word on the street is that Saatchi & Saatchi New York, recipient of the 2007 ‘Agency of the Year, is laying people off across the boards: creatives, planners, account people, and even production have been shown the door. The mega ad agency has an impressive client list of big brands including 42° Below Vodka, Cold Stone Creamery, General Mills, JCPenney, Procter & Gamble, Toyota, and the closet to home: I Love New York. Luckily for founder Charles Saatchi, economic slowdowns in the 80′s pushed him and his brothers out, leaving him to waste his money here instead.