EXHIBIT 10(f)

               AMENDMENT NO. 1 TO CREDIT AGREEMENT

     AMENDMENT NO. 1, dated as of August 28, 1997, to the Credit
Agreement dated July 3, 1995,  (the "Agreement"), between The
Interpublic Group of Companies, Inc. (the "Borrower") and LLOYDS
BANK (the "Bank").

     SECTION 1.     Amendment.   Section 2.1 of the Credit
                    Agreement is hereby amended by deleting the
                    figure "$15,000,000" on the fourth line
                    therein and substituting for such figure the
                    figure "$20,000,000".

     SECTION 2.     Representations and Warranties.  The Borrower
                    hereby represents and warrants to the Bank
                    that:  (a) the representations and warranties
                    set forth in Section 5 of the Credit
                    Agreement are true and correct on and as of
                    the date hereof as if made on and as of said
                    date;  (b) no Event of Default specified in
                    Section 7 of the Credit Agreement and no
                    event, which with the giving of notice or
                    lapse of time or both, would become such an
                    Event of Default has occurred and is
                    continuing; (c) the execution, delivery and
                    performance by the Borrower of this Amendment
                    are within the Borrower's corporate powers,
                    have been duly authorized by all necessary
                    corporate action, and do not contravene  (i)
                    the Borrower's charter of by-laws, or (ii) 
                    law or any contractual restriction binding on
                    or affecting the Borrower;  (d) no order,
                    consent, authorization or approval or other
                    action by, and no notice to or filing with,
                    any governmental authority or regulatory
                    body, or any other person, firm, corporation
                    or other legal entity, is required for the
                    due execution, delivery and performance of
                    this Amendment by the Borrower;  and  (e) 
                    this Amendment is the legal, valid and
                    binding obligation of the Borrower,
                    enforceable against the Borrower in
                    accordance with its terms.

     SECTION 3.     Miscellaneous.   (a)  Unless otherwise
                    specifically defined herein, each term used
                    herein which is a defined term shall have the
                    meaning as defined in the Credit Agreement; 

                    (b) each reference to "hereof", "hereunder",
                    "herein" and "hereby" and each other similar
                    reference, and each reference to "this
                    Agreement" and each other similar reference
                    contained in the Credit Agreement shall from
                    and after the date hereof refer to the Credit
                    Agreement as amended hereby; and (c) except
                    as specifically amended above, the Credit
                    Agreement shall remain in full force and
                    effect and is hereby ratified and confirmed.


     SECTION 4.     Counterparts; Effectiveness.  This Amendment
                    may be signed in any number of counterparts,
                    each of which shall be an original, with the
                    same effect as if the signatures thereto and
                    hereto were upon the same instrument.  This
                    Amendment shall become effective as of the
                    date hereof when the Bank shall have received
                    duly executed counterparts hereof signed by
                    the parties hereto.  This Amendment shall be
                    governed by and construed in accordance with
                    the law of the State of New York.


IN WITNESS WHEREOF, the parties hereto have caused this Amendment
to be duly executed as of the date first above written.

                         THE INTERPUBLIC GROUP OF COMPANIES, INC.

                         By        Alan M. Forster
                         Name:     Alan M. Forster
                         Title:    Vice President and Treasurer

                         LLOYDS BANK

                         By        Theodore R. Walser
                         Name:     Theodore R. Walser  
                         Title:    Senior Vice President
          
                         By        David C. Rodway
                         Name:     David C. Rodway
                         Title:    Assistant Vice President