American Express announced that it would be downsizing its workforce by 10%, or 7,000 jobs. This purportedly is in an effort to "cut costs" by $1.8b next year.
Jobs given the axe are mostly management positions, but span the breadth and width of the company.
Q3 2008 marks the 4th straight quarter that American Express has posted a loss. Profits down 24% this quarter.
They also announced a tentative plan to freeze raises for management-level employees and to implement a hiring freeze. In addition, they plan to take a $240-$290m "restructuring charge" in Q4 2008.
Nice guys, they still just approved me for a card!
Showing posts with label American Express. Show all posts
Showing posts with label American Express. Show all posts
Thursday, October 30, 2008
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