With 48,000 people employed by Dentsu International, this would result in 6,000 jobs lost, as reported by Financial Times. 

A regional breakdown of the jobs losses has not been provided, and Dentsu International claimed the time scale of the cuts would vary by market. 

The redundancies were announced as part of a £640 million ($855 million/€705 million) restructuring programme which also includes brand consolidation. 

Dentsu International, headquartered in London, will slash the number of agency brands from more than 160 to six within two years. 

Dentsu, the Japanese parent company, has already warned it would be loss-making for the second year in a row.

It had already reported a loss in 2019 before the pandemic.

Reduced working hours and temporary salary reductions are among the cost-cutting measures Dentsu has implemented in response to the global health crisis. 

Dentsu was appointed as the exclusive Olympic and Paralympic marketing agency in Japan a year after Tokyo was awarded the Games in 2013.

The company is currently facing conflict of interest allegations after it was revealed Dentsu paid more than $6 million (£4.6 million/€5.1 million) towards Tokyo 2020's successful campaign for the Games at the same time it was working for the International Olympic Committee (IOC).

It also reportedly actively lobbied members of the IOC to get their support for Tokyo 2020's bid during the period when it had a separate marketing contract with the organisation.

In addition, Dentsu has regularly been forced to disassociate itself from allegations it has been involved in corruption cases due to its close links with disgraced former International Association of Athletics Federations President Lamine Diack.