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If you've lost any meaningful amount of revenue or there are less hours needed, then they are certainly coming.
Most of the big ones are in hiring freezes. Medium and small ones are getting the layoffs though I’m sure big ones will follow.
The momentum of projects begun a few weeks ago will keep people around for a little bit longer. But layoffs are right around the corner when the timesheet police come knocking.
Any agency that is heavy in experiential has already made cuts.