May 18, 2009
AMEX layoffs 4,000 Jobs
American Express just announced today they will be eliminating 4,000 jobs as part of their $800 million cost saving initiatives. The layoff represent 6 percent of the current global workforce. This is on top of the $1.8 billion in cost cuts and 7,000 layoffs announced last October.
The firm is bracing for more credit writeoff as more people are having trouble paying their credit card bills.
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