Advertising Giant to Cut 5% of Workforce

We know things are bad in the ad world. It is just that things are even worse for folks who were too reliant on automobile advertising. Like Omnicom Group (s omc), a large advertising, marketing and PR conglomerate that counted Chrysler as one of its major accounts. Ad Age reports that they are going to cut “nearly 5% of its global work force of 70,000.” The downturn in automobile advertising is impacting everyone from television networks to business publications to Yahoo (s YHOO), which counted on the auto industry for a big chunk of its display advertising. (Related Post: Why Silicon Valley should be worried)