Y&R DROPS OUT OF CIBC BID
By Adnews Staff
Toronto-based Young & Rubicam has had to drop out of the agency competition for the Canadian Imperial Bank of Commerce, according to a report in the National Post. Following reports last week that the agency had made the shortlist, along with the Toronto offices of Palmer Jarvis DDB, Cossette Communication-Marketing and Publicis SMW, Y&R's parent company in New York reported the possibility of a client conflict and insisted the agency withdraw from the competition. Y&R is the international agency for Citibank in the U.S. and the New York parent company felt any work done for CIBC would jeopardize its relationship with Citibank. The article stated CIBC's agency search firm, Westport Consulting Group of Westport, Conn., would not confirm if a fourth agency would be added to the shortlist but did report a decision is still expected to be made in April.