American Express to cut more than 4,000 jobs over this year

cnbc ^ | 1/21/15 | Everett Rosenfeld

[Nachum]

American Express said it plans to cut more than 4,000 jobs over the next year.

A representative for the company told CNBC that it is planning to cut the jobs, but that this is only a gross figure, and that the firm will also continue to hire selectively in parts of the organization. Additionally, American Express reported quarterly earnings that slightly beat analysts' expectations on Wednesday, and CEO Ken Chenault said in a release that "tight controls on the cost side of the ledger" had benefited the company.

The company posted fourth-quarter earnings per share of $1.39 per share, compared to $1.21 a share in the year-earlier period.

[Nachum]

Obamanomics

[Nachum]

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[Varsity Flight]

“The Crisis is Over.”

[Red Badger]

If the economy gets any better, as Obama says, we’ll all be unemployed......................

[sport]

I don’t believe a word of it. Just last week, I heard someone from some Department of the Government during the business segment of a newscast saying [I will have to paraphrase because I can’t recall his entire quote] the economy is improving , under Obama’s policies,to where it will make the Promised Land of the Bible seem like a depressed area.

[Maceman]

“The Crisis is Over.”

This isn't about the economy.

This is about the incredibly rapid changes in the electronics payments business, particularly around mobile payments, which is disrupting the whole payments system.

Amex is scrambling to avoid disintermediation. I can't say I like their odds. Their value proposition is deteriorating rapidly. It's hard to see what they'll have to offer in the new environment.

[nascarnation]

With a majority of their employees outside the US, and the world economy sucking bilgewater, this is not surprise.

[Maceman]

American Banker: Amex Acknowledges Struggles with Mobile Payments

[Kartographer]

OBAMAVILLE

Gett’n a head fake,
watchin' msn’s take;
All of their pundits oozing foul oil.
Clean’n my six gun on my front porch swing.
Feeling my blood--
It’s beginnin' to boil.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know it's Obama’s fault.

There’s no rhyme or reason,
They are all commitin’ treason
With nothing to show but a brand new tax or two.
But they are real beauties,
Despotic duties, how they got passed
I haven't a clue.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that it’s Bush we should blame,
Now I think,-- hell with them it’s Obama’s fault.

I blew out my flip flop,
Stepped on a pop top;
Cut my heel, but I just cruise on back home.
Because no medical care will the doctors render
They say there’s little service I can tender
And there’s no need for me to hang on.

Wasted away again in Obamaville
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know, it's my own damn fault.
Yes, and some people claim that Bush is to blame,
And I know because of my vote it's my own damn fault damn fault.

[GailA]

BTT

[MV=PY]

"Amex is scrambling to avoid disintermediation. I can't say I like their odds. Their value proposition is deteriorating rapidly"

Agreed. We are witnessing disruptive change to an industry that deserves it. If they aren't agile enough to innovate they should be extinct.

Let's just pray they're not "too big to fail."