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American Express to cut out 4,000 jobs

2009-05-19 15:59:24 (GMT) (Caymanmama.com - Business News)

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Lansing, Michigan (CaymanMama.com) –As job cuts continue to stream through the business world, credit card company American Express announced Monday it would be slashing 4,000 jobs as part of an objective to trim $800 million in expenses for the remainder of 2009.

The job cuts account for about 6 percent of the New York-based company’s current worldwide work force.

Many of the affected employees were told of the decision in recent days and the rest of the workers will be notified in coming weeks, said company spokeswoman Joanna Lambert.

Lambert did not disclose how many U.S. workers would lose their jobs, but said the lay offs will be across the board.

According to the Associated Press, “The newest plan follows $1.8 billion in cost cuts — including 7,000 layoffs — announced in October of last year. The company also suspended management-level salary increases and instituted a hiring freeze at the time.”

American Express also has plans to cut back on investment spending and make additional cuts to operating costs, including professional services and travel.

“While we have remained solidly profitable at a time when some parts of the card industry were incurring substantial losses, we continue to be very cautious about the economic outlook and are therefore moving forward with additional reengineering efforts to help further reduce our operating costs,” said Kenneth I. Chenault, chairman and chief executive officer in a release.



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