TD Bank is reviewing its North American media and creative ad agencies, and it could mean a loss for Publicis Groupe, Havas Group and Omnicom Group's TBWA\Chiat\Day, according to ad agency executives with direct knowledge.
The agencies are pitching to defend their pieces of the account and possibly pick up more of the business from rivaling partners, execs at these agencies said.
One of the execs speculated that TD Bank was looking to consolidate its advertising with one or two agencies, as many companies have been doing. Hasbro, Energizer, Uber, Clorox, and TD Bank competitor Bank of America are among companies that whittled their agencies to one last year.
The sources also said the review is integrated, which means it entails both media and creative or more. Such reviews often result in consolidation. They said Joanne Davis Consulting, which typically oversees integrated reviews, is running the process. Founder Joanne Davis declined to comment.
TD Bank named Tyrrell Schmidt as US CMO and head of global brand last August, with responsibility for Canada as well as the US. Typically when there's a new CMO, a review follows.
Millions are at stake for these agencies. TD Bank spent $22 million on measured media in the US in 2019. Like many marketers in the pandemic, it cut its spending, to under $10 million in the first nine months of 2020, per Kantar.
Havas Media has handled all of TD Bank's US buying and planning since December 2016.
TBWA\Chiat\Day, meanwhile, has handled TD Bank's US advertising since December 2016, helping to create its "Unexpectedly Human" brand positioning in 2019 and related ads like "Dancer"— about a bank employee who interrupts a spontaneous dancing session to help customers arriving at closing with a transaction — in 2020.
Publicis handles TD Bank's media in Canada. Its agency Leo Burnett has developed ads such as last year's "Jealous Son," about a man vying to take over his mother's business after a TD Bank associate prompted some unexpected competition, since 2012.
TD Bank did not return multiple requests for comment. Publicis, Havas, and TBWA\Chiat\Day declined to comment.
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