This week Edelman [TCO] announced it will layoff 390 staff globally or 7% of its workforce as a cost cutting measure. Managers are also taking pay reductions from 5-20% as part of the agency’s overall steps to maintain the business as it moves through this transitional time. Back in March, Edelman had pledged the firm would not let go of any staff due to the coronavirus pandemic. Unfortunately with some business loss the financial pressure was too much for the agency.
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