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AmEx Will Lay Off 7K

Pay increases, hiring halted to prop up credit-card giant's savings

By Ambreen Ali, Newser User

Posted Oct 30, 2008 12:26 PM CDT

(Newser) – Noting that even wealthy Americans are struggling financially, American Express announced today it will cut 10% of its workforce, halt executive pay increases, and freeze new hires. The creditor to the elite will charge $440 million against fourth-quarter results to cover restructuring after 7,000... Read full story »

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AmEx Will Lay Off 7K

Pay increases, hiring halted to prop up credit-card giant's savings

layoffs • American Express • credit card • credit card loans • financial crisis

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More Newser Stories

AmEx to Clients: Here's $300, Now Get Lost

Credit card firm looks to limit exposure

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That airline ticket won't be so easily obtained in recession

Lenders Yank Credit Cards as Economy Sours

Plastic crisis comes hot on the heels of mortgage crisis

AmEx Sees Red as Cardholders Struggle

Credit card company is seeing more cards fall delinquent as economy worsens

American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

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