Oct

31

Now American Express to cut near around 7,000 jobs

Filed Under Careers | Posted By Jennifer Sullivan |



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Now, American Express will cut 7,000 jobs, or about 10 per cent of its work force, as part of an effort to slash costs by $1.8 billion in 2009.

According to sources said that suspending management level salary increases next year and instituting a hiring freeze.

It plans to scale back investments in technology, marketing and business development and streamline costs tied to some rewards programs.

It also expects to cut expenses for consulting and other professional services.

The company expects to take a restructuring charge of $240 million to $290 million in the fourth quarter.

According to company, earlier they reported a 24% drop in third-quarter profit as cardholders restrained their spending.



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