AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall
By Neal Colgrass,  Newser Staff
Posted May 18, 2009 5:48 PM CDT
American Express booth is seen at Mercedes Benz Fashion Week held at Smashbox Studios on October 17, 2007 in Culver City, Calif.   (Getty Images)
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(Newser) – American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "has remained solidly profitable," but is "very cautious about the economic outlook," CEO Kenneth Chenault said.