Skip to comments.American Express Kicks Off 2013 With Biggest Layoffs in Four Years
Posted on 01/11/2013 6:59:58 AM PST by SoFloFreeper
... American Express delivered a surprise in its fourth quarter earnings report today: the elimination of 5,400 jobs as part of a global reorganization of its business units, with over $400 million in severance and its business travel unit taking a big hit.
The company has endured more than a decade of downsizing under CEO Ken Chenault: 7,700 jobs in 2001; 6,500 jobs in 2002; 7,000 jobs (10% of its workforce) in 2008; 4,000 jobs in 2009. This round of cuts, as Wall Street Journal reports, represents "its biggestretrenchmentin a decade," and will shed 8.5% of its workforce.
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I work on a MUCH smaller scale than this. I’m not laying off, but I’m not hiring for our upcoming busy season. Maybe a few low-end stock people and cashiers, but that’s it. ($8/hour. No lefty ‘living wage’ BS arguments, either. Take it or leave it....people are lined up around the BLOCK for your job, Junior!)
Keeping your job is the new ‘raise’ at my shop. I want to weather this 0bamanation so we all come out alive on the other side. If possible.
According to newsmeat.com, AMEX chief Ken Chenault has given more than $20,000 to Team Obama.
Remember when ENRON caused a bunch of people to lose their jobs, and the media went ballistic because Ken Lay was acquainted with George W. Bush??
I own a retail business. AmEx merchant fees are too high, especially when you are working with an ever shrinking margin. When a customer asks if I take AmEx and I say no, they just pull out another card. Most of my fellow merchants in town don’t accept them either. No interest and cash back rewards mean nothing if the people you trade with don’t accept the card. Obama or not, AmEx is a dinosaur.
Be sure not to hire any Obama supporters. If one gets in they will make your life a living hell.
If you ask the right type of questions and have a good eye they are easy to identify.
According to The Hill, AMEX chief Ken Chenault has been a guest of Obamugabe at the place he is currently occupying at least 18 times.....
OBAMA FRIEND IS KILLING JOBS!
I won’t take AMX either. I have a lot of large corporate customers that love to use it. I just tell um I’d rather have a check.
Is this another case of Negro racial solidarity uber alles?
Between the new Consumer Finance Protection Agency and the Fake White Indian in the Senate, they know they and their bottom line are in for a long, hard slog.
Amex has decided that merchants should now pay for the Membership Rewards, miles, etc., that they offer the card holders.
My agreement with Amex said I was to pay 1.89%. They sent out one of those 10 page long full of fine print agreement updates that you really have no choice but to accept that had buried in it participation fees. I didn’t see it.
One of my customers paid a $1900 invoice and Amex only deposited about $1767 in my account. I called to find out what the deal was. Seems my customer was on a special points program that gave them 5% back, which I paid for. Even worse, they are now taking 4 to 5 business days to put money in my account.
Now I use Square to take Amex. They only charge 2.75% with no monthly fees and I get my money the next business day.
Or, you can tell them that they have “Carte Blanche” to use their “Diners Club” card...
The combined business segments never properly integrated and functioned efficiently. It was not remarked for a while due to momentum and the hot economy.
If they are going to survive and recover, they have to downsize, and sell off some of the businesses that do not work for them, e.g. American Express