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^^What they said. But also, in my experience leadership tends not to say anything when layoffs are a likely outcome. If they're reassuring people, I'd take it at face value for the time being...still...best to be prudent, have your shit updated, reconnect with some of your network, and dip your toe in the job market to test the water. Not a bad idea to do some low-key networking internally as well.
You might get put on a different account. Was the account big? As it half the agency worked on it? Some places can absorb loss of client better than others.
Hopefully you don't have anything to worry about but, this is just my opinion, I would play it safe and update your LinkedIn and resume.
Wouldn’t hurt to prepare for the worst. Start saving and start looking.
You also might take a look at what your company has done in the past when they’ve lost large accounts. Check trade pubs. Some trend to absorb and go on a hiring freeze to reallocate staff; others might layoff. Good luck!
They usually move you
Or you might send up being on pitches
To try and use the talent to recoup the losses.
8/10 times if it’s a big loss you’ll be let go eventually if the business isn’t replaced quick. Leadership will likely tell you whatever they need to to reduce panic. Start polishing the portfolio and be vigilant.
I’ve been in that situation and the team was moved to biz dev and other accounts, but can’t hurt to update your resume.