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

Shares of ad and marketing firm Omnicom Group OMC.N up 1.6% to $72.76

OMC says will lay off more than 4,000 employees and fold several well-known advertising agency brands, after acquisition of rival Interpublic Group

OMC says job cuts are part of IPG integration, and are mainly in administrative roles, including some leadership positions as well

Financial benefits would surpass the $750 mln in annual cost savings initially projected to investors - Omnicom

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