American Express Cutting 7,000 Jobs
Joining in the unhappy trend of mass layoffs, American Express announced Thursday that 10 percent of the credit card company's work force will soon be cut due to the current economic crisis.
Joining in the unhappy trend of mass layoffs, American Express announced Thursday that 10 percent of the credit card company’s work force will soon be cut due to the current economic crisis.
Your support matters…CNN Money:
The credit card company said the reductions will amount to about 10% of its worldwide workforce and will result in a pretax charge of up to $440 million in the current quarter. But AmEx said the restructuring will ultimately generate a $1.8 billion cost benefit next year.
American Express said cuts will occur across all of the company’s business units, markets and staff groups, but will focus on management positions. The company is also suspending management level salary increases for 2009 and instituting a hiring freeze.
“The reengineering program we announced today will help us to manage through one of the most challenging economic environments we’ve seen in many decades,” said Kenneth Chenault, American Express CEO, in a statement.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
They feel Americans have demonstrated that they value discounts more than intangible privacy concerns.
The justices sided with big corporations Thursday when they ruled 5-3 that companies can write contracts that force small businesses to challenge monopolistic practices on an unaffordable individual arbitration basis rather than through class-action lawsuits, effectively killing the ability of small businesses to defend themselves in court against larger predatory ones.The justices effectively killed the ability of small businesses to defend themselves in court against large predatory companies.
Consumer borrowing shot up $15.5 billion in June -- three times more than projected -- in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion -- the largest jump since spring of 2008. (more)
Everyone knows you have to pay a municipal sales tax on your purchases, but what about a corporate Visa tax that's levied by credit card companies?
Those credit card holders who pride themselves on paying their bills on time, and who have enjoyed rewards in the past for so doing, are in for an unpleasant surprise: They may soon be targeted by the very companies that used to ply them with perks.
The McCain-Palin campaign team might soon borrow a page from the celebrity crisis management handbook (see Chap. 11: Poke Fun at Yourself on a Late-Night Comedy Show), if the rumor that Sarah Palin is considering an appearance alongside her "Saturday Night Live" doppelgänger Tina Fey comes true before the Nov. 4 election.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.