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Wachovia switches to Ogilvy as its ad agency

Wachovia Corp. said Friday it has selected Ogilvy as its advertising and marketing agency of record. The New York-based agency replaces Mullen, following the bank's months-long review of its advertising contracts. In the review, Wachovia says it considered a number of the nation's top ad agencies, including Mullen.

Wachovia says the Ogilvy contract will allow it to become more efficient in its advertising spending by consolidating most activities under one agency. Any new advertising campaigns would likely launch in the first half of 2009.

Wachovia declined to disclose the size of its annual advertising budget but said it would likely be smaller in 2009 than in 2008, given market conditions.

Art Smith, the bank's head of global brand marketing, said Ogilvy “has the expertise and creative strength to help Wachovia ensure that our brand remains strong and becomes even more valuable over time.”

Christina Rexrode