Wachovia puts media budget into review

Wachovia Corp., a financial services provider with $782.9 billion in assets and more than 3,400 branches, has put its $145 million media account into review for the first time in six years. The company has been working with Mullen for its creative and media buying for seven years and Carat for its online media buying for six years.
 
According to Mary Beth Navarro, communication manager at Wachovia, the company is in the market for a traditional advertising agency as well as an online agency.
 
“We have a new marketing division which was formed in April of last year,” Navarro said, “so this is the ideal time to review our agency partnerships.”

 
This move comes after the hiring of a new CMO as well as a new head of global brand marketing in 2007. According to Navarro, Wachovia plans to conclude the review process and announce its new agencies in the third quarter of 2008.

Carat did not return phone calls by press time. Mullen referred all press inquiries to Wachovia.