With the accounting issues that have plagued Interpublic Group and the loss of media-buying duties for General Motors still fresh in the rearview mirror, word out of the West Coast is that Bank of America, is spreading the RFP around. Notably to Omnicom and WPP. The is could be a disasterous loss for the troubled holding company, which has BA work spread through a dozen or so shops in the IPG network.
In 2004, Bank of America spent more than $261 million on measured media, according to TNS Media Intelligence.
According to its 10-K filing, Bank of America in 2004 spent $1.35 billion on overall marketing, up 37% from $985 million in 2003, due to “increased advertising for card programs and increased advertising costs in the Northeast,” where it acquired FleetBoston Financial Corp. in April 2004.
Ad Age has the full story.