Written by admin
Thursday, October 30th, 2008
In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10 percent of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.The New York-based credit card issuer—which has reported four straight quarters of profit declines as an increasing number of consumers struggle to pay off debt—said it is also suspending management-level salary increases next year and instituting a hiring freeze. (Breitbart)
