The process was instigated by new chief executive Garry Lace after pressure from Grey's headquarters in New York to make the agency more profitable.
Grey said that a significant proportion of the redundancies were voluntary and that all the positions will be disappearing from the advertising agency. No departments are marked for closure as yet, but the structure of the agency will be looked at closely during the course of the next few weeks.
The restructuring task has been one of Lace's first since he arrived from TBWA\London to take over the role of chief executive of the agency in October. He said it had been an extremely difficult period for everyone involved.
"There was a strong belief within the agency that we had to go through this process, and consequently it has been borne by everyone with great professionalism and dignity. I'm certain that we can now draw a line under it and get on with the process of winning business, doing great work and consequently growing as an agency," Lace said.
The review process began six weeks ago and has already seen the departure of new-business director Jo Smith, after she led an unsuccessful challenge from staff over the way the redundancy process was being conducted.
There have been worries that Grey London is not effective at competing for new business on a local basis, although last week the agency picked up the 拢10m Dairy Crest brief, its first UK win for some time, as well as the 拢20m Visa International account for Central and Eastern Europe, the Middle East and Africa.
Lace is also the chairman of Nabs, the advertising industry charity, which, among other services, helps people to cope with job losses.
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