American Express to Cut 4,000 Jobs

In an effort to save money for the rest of the 2009, American Express will cut approximately 4,000 jobs. Prior to the job cuts, the company was said to have a global workforce of more than 65,000 employees.
In addition to cutting jobs, American Express will also institute a freeze on raises and new hirings. When all is said and done American Express hopes to save about $800 million before the start of 2010.
“We believe these efforts will put us in a better position to remain profitable,” said American Express CEO Kenneth I. Chenault, “and free up some additional resources that …read more