Microsoft-owned digital marketing firm Razorfish confirmed today it is laying off 40 of its staff.
A statement e-mailed to ClickZ News read, "Many companies, especially those in the financial services sector, have been hit hard by the economic crisis. This has had a direct impact on our business, particularly in New York. As a result, Razorfish needed to lay-off about 40 people today, about 2 percent of our national workforce."
The company declined to provide further details about what positions were cut or whether the layoffs were linked to the loss of a particular client. Razorfish's financial industry clients have included Visa and Standard Life Bank.
Despite the news, the firm remains optimistic it will weather the financial storm thanks to "strong relationships" with clients.
In what it says is a reflection of that optimism, Razorfish also announced an expansion of its European operations with the acquisition of Spanish digital agency Wysiwyg. The Madrid-based company offers digital services across a range of platforms, including video and mobile, and will join Razorfish's European network, which includes properties in the U.K., France and Germany.
Darin Brown, president of Razorfish Europe, described the purchase as a "significant milestone" in the network's expansion in Europe, placing emphasis on its ability to meet clients' growing pan-regional needs.
Wysiwyg will retain its branding and its 56 staff, and will continue to be managed by its existing leadership team. Current clients include Asda, International Olympic Committee, and Weight Watchers.
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March 19, 2014