American Express to cut 10% of workforce, or 7,000 jobs
By Wallace Witkowski
SAN FRANCISCO (MarketWatch) -- American Express Co. (AXP:
American Express Company AXP 25.69, +0.48, +1.9%) said Thursday it will cut 10% of its global workforce, or about 7,000 jobs, in 2009 as part of a $1.8 billion cost-savings plan. The cuts will occur across business units, the company said. Also, American Express will suspend management salary increases in 2009, and institute a hiring freeze on open positions. The company expects to take a pre-tax charge of $370 million to $440 million in the fourth quarter.
Michael sez: You are supposed to read this and see where it says "global workforce" and that is supposed to reassure you that things are okay. It's happening somewhere else, you see. Nothing here to see so just move along. HAH!