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WEDNESDAY, NOVEMBER 25, 2009
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7

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

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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.

American Express booth is seen at Mercedes Benz Fashion Week held at Smashbox Studios on October 17, 2007 in Culver City, Calif.
American Express booth is seen at Mercedes Benz Fashion Week held at Smashbox Studios on October 17, 2007 in Culver City, Calif.   (Getty Images)
A woman walks into an American Express travel agency inside the American Express headquarters October 30, 2008 in New York City.
A woman walks into an American Express travel agency inside the American Express headquarters October 30, 2008 in New York City.   (Getty Images)
A sign showing the American Express logo is seen outside of a bank November 11, 2008 in Des Plaines, Ill.
A sign showing the American Express logo is seen outside of a bank November 11, 2008 in Des Plaines, Ill.   (Getty Images)
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7 comments
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TerrifiedCitizen
May 18, 09 5:51 PM CDT
I'm sure the canned workers have a rather cautious outlook on the economy as well... Reply
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freethemall
May 18, 09 7:46 PM CDT
Astute observation, TC!
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Reader76617848
May 18, 09 7:57 PM CDT
I know some smart business people who believe AMEX is in serious trouble. I wonder how "profitable" thay really are. Some anaysts are worried that credit card companies may need the next bailout. I can't imagine what our economy would be like if pconsumers and businesses lost the ability to use thier credit cards. Reply
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PaleRider
May 19, 09 8:51 AM CDT
It's amazing how much the bama's stimulus plan did to jump start the economy and keep people from losing their jobs, what a great job he's doing. Reply
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-2
IN RESPONSE:
freethemall
May 19, 09 6:44 PM CDT
Your sarcasm, meant to demonstrate ineffectualness of the stimulus bill that was passed by the congress, and sign into law by President Obama, would be more valid, if enough time had passed to make a judgement about it. If it ultimately proves to have been ineffective, it will be because it wasn't big enough.
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