How many layoffs is American Express planning?”
That’s accoring to recent news here: http://www.indiainfoline.com/news/innernews.asp?storyId=101955&lmn=1 American Express is planning to eliminate about 4,000 jobs as part of a plan to slash another US$800mn in costs for the remainder of the year. The 4,000 job cuts will result in a restructuring charge of about US$180mn to US$250mn in the second quarter, largely for severance and other costs tied to the job cuts, American Express said. The layoffs represent about 6% of the New York-based company’s global workforce. It said the cuts will occur throughout the company, saving US$175mn. The plan follows US$1.8bn in cost cuts, including 7,000 layoffs announced in October last year. American Express also suspended management-level salary increases and instituted a hiring freeze at the time. American Express has been hurt by rising delinquencies among cardholders, with the US unemployment rate
American Express said Monday it is eliminating about 4,000 jobs as part of a plan to slash another $800 million in costs for the remainder of the year. The layoffs represent about 6 percent of the New York-based credit card issuer’s current global work force. Many of the affected workers were notified in recent days and the remainder will be notified in coming weeks, said company spokeswoman Joanna Lambert. Lambert could not specify how many U.S. workers would be laid off, but said the cuts will be across the board. 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.
