Sandie Seward
|
American Express? That will no longer do quite so nicely!American Express is cutting about 4,000 jobs - approximately 6% of its global workforce - as part of a plan to save $800m (£521.6m) this year.
The move is in addition to the 7,000 job cuts it announced in October 2008.
The firm has large numbers of small business customers - and Amex said that these businesses were more likely to miss repayments than individuals.
The credit card firm is also suffering from a fall in consumer spending - as house prices continue to struggle.
Last month, American Express reported that profit in the first three months of 2009 had fallen by 63%.
As well as the job cuts, the company has also stopped management-level salary rises and has frozen recruitment.
|
