Posted on 10/30/2008 9:49:04 AM PDT by BGHater
Further evidence of the economic contraction: American Express -- the largest U.S. credit card company by purchases -- said today it will cut 7,000 jobs and take up to a $290 million charge related to the cuts in a move designed to save $1.8 billion next year.
Earlier this year, Amex announced a "re-engineering" plan designed to cut costs as consumers cut back on their credit-fueled spending. The job cuts represent 10 percent of the company's global workforce.
The company also has frozen hiring and will cut back on marketing, it said in a statement.
“The re-engineering program we announced today will help us to manage through one of the most challenging economic environments we've seen in many decades," Amex chairman Kenneth I. Chenault said in the statement.
Wall Street liked the cuts, as it usually does: Shares of Amex are trading up 2.5 percent so far today. That's a nice change from the stock's performance over the past year -- shares of Amex have lost more than half of their value since this time last year.
(Excerpt) Read more at voices.washingtonpost.com ...
One very liberal corporation.
Way too many mass mailings to cardholders.
My daughter works for Amex. I wonder if she’ll still have her job.
Since they often target business owners, maybe they shouldn’t have a looney liberal like Tina Fey as a spokeswoman.
AMEX to its employees:
“Don’t leave home. Period.”
If they move lots of work to India now, they can escape the wrath and tax of President Obama
An ultra-lib ex of mine works for Amex. Still I hope she’s alright.
Amen.
And they get about 3.2% of every transaction they are involved in. More if it's a platinum card.
We had better send them some Matthew Lesko free money. Or nationalize them. Or both.
ping!
Open up Google
Click on News
Type the word “jobs”
Click Search
Job cuts by the thousands and some in the tens of thousands...
Just today: American Express, Whirlpool, Legg Mason, Wachovia, Kodak, Tenneco, Volvo, First American
And get this...for a state already reeling from high unemployment, Michigan could lose 25K, yes twenty five thousand, jobs if GM buys Chrysler.
GM, Chrysler merger could cost Michigan 25,000 jobs
http://www.mlive.com/business/index.ssf/2008/10/gm_chrysler_merger_could_cost.html
Folks, the worst is yet to come!
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