Omnicom Group up as co lays off more than 4,000 employees

Shares of ad and marketing firm Omnicom Group OMC.N up 1.3% to $72.55

OMC says will lay off more than 4,000 employees and fold several well-known advertising agency brands, after acquisition of rival Interpublic Group IPG.D , Financial Times reports, citing an interview with co executives

OMC boss John Wren says job cuts are mainly in administrative roles, including some leadership positions too, Financial Times reports

John Wren says financial benefits would surpass the $750 million in annual cost savings initially projected to investors, according to the report

Co did not immediately respond to a Reuters request for comment

Up to last close, OMC had fallen ~17% YTD