American Express Is Slashing 4,000 Jobs

Business Insider ^ | 01/21/2015 | AKIN OYEDELE

[SeekAndFind]

American Express will slash 4,000 jobs, even as the company reported that fourth quarter earnings were dented by foreign currency movements.

Bloomberg reported that the job cuts are part of a restructuring, and a spokesperson said they will cut across the company. In its earnings release, the company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies."

After the bell Wednesday, American Express reported that fourth quarter profits rose 11% to $1.45 billion, or $1.39 a share, versus an expected $1.38 per share. Revenues rose to $9.1 billion from $8.5 billion, a 7% increase, or 9% when adjusted for foreign currency movements.

This earnings season, multinational companies that earn revenues outside the US are revealing the impact of the dollar's surge in 2014.

[Steely Tom]

"...company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies."

That's Wall Street talk for "a loss of $313 mil."

It's because they can use expressions like "taking a pretax restructuring charge" that they get paid so much more than ordinary shlubs.

Oh, and their incredible expertise at bundling millions of loans to deadbeats (who lied about their ability to repay them) into investment-grade securities, and then insuring the downside of that play with policies that had no capital to back them up.

[Opinionated Blowhard]

are revealing the impact of the dollar's surge in 2014.

It also reveals the disastrous impact of Obama's economic and tax policies over the past 6 years. He is strangling productive business to death.

[FlingWingFlyer]

4000 layoffs. That should go a long way towards lowering Barry's unemployment rate even further than it is now. We may be looking at 3% here!

sarc/

[Popman]

"We’ve made very good progress against the backdrop of an uneven global economy and the negative impact of a strengthening US dollar,"

Europe, Russia, China, world oil prices, Terrorism ...

Smart companies look at the horizon to see if storm clouds are gathering...

Looks like real stormy weather coming...

[yldstrk]

obamacare strikes again

[longtermmemmory]

Obama’s “success tax” guarantees more people will save their money OUTSIDE the usa.