Investment Bank Launches Global Digital Agency Review
Steve’s breakdown: Looks like Avidan Strategies is handling the review so make sure your credentials are up to date over there even if there might be no spaces left in this pitch.
LONDON, UK & NEW YORK, NY: Barclays Investment Bank has launched a global review to add a “digital specialist” to its roster of agency partners, several sources told Adweek.
One source said Barclays is looking to hone in on one specific area of digital specialization but did not elaborate on specifics regarding the search.
A Barclays spokesperson declined to comment.
Another source with direct knowledge of the situation said that approximately 10 to 12 agencies are pitching for the business, noting that this group includes a combination of both indie and holding company-owned shops.
Ogilvy & Mather, which has worked with Barclays on a per-project basis as its lead creative agency, will not be involved in this particular pitch.
Sources said New York’s Avidan Strategies is managing the review. The firm could not be reached for comment.
Late last year, Barclays handed its global media account to OMD and its planning and buying duties in the U.S. to Hearts & Sciences following a review. Incumbent Wavemaker, formed from the merger of GroupM’s MEC and Maxus, tried unsuccessfully to defend the accounts, according to a source with knowledge of the review.
London-based Barclays spent $8.2 million on marketing efforts in the U.S. last year, down from 2016 when it spent $10.1 million, according to Kantar Media.
International consultancy R3 estimated Barclays’ yearly global marketing spend at $150 million.