American Express Eliminates 4000 Jobs to Save $800M

Posted by John B. Frank Tuesday, May 19, 2009

AmEx Targets $800 Million in Cost Cuts - WSJ.com

American Express Co., reeling from rising defaults and delinquencies on its credit cards, unleashed its second big round of job cuts in a move aimed at saving $800 million this year.

The New York company said it would eliminate 4,000 jobs, or 6% of its work force, mostly though layoffs. The layoffs, which will save $175 million, come on top of 7,000 job cuts AmEx announced in late October.

About $500 million in additional savings will come from cutbacks in marketing and business development. ...

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American Express Cuts 4000 Jobs

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