WPP jobs to go

Advertising giant WPP is axing 3,500 jobs worldwide as it attempts to slash costs by £275million a year.

The company, formerly led by Sir Martin Sorrell, right, said the three-year plan will hit admin roles as it merges 100 offices and shuts

80 sites. However WPP said it will be hiring 1,000 workers in the technology and creative industries.

WPP’s new boss Mark Read said the moves should help boost revenue by 15% by late 2021.

“We are fundamentally repositioning WPP,” he said. “What we hear from clients is they want our creativity, and to help them transform their business in a world reshaped by technology.”

A profit warning saw its shares dive in October.