NEW YORK (AP) - May 18, 2009 The layoffs represent about 6 percent of the credit card
lender's current global work force. The company says reductions
will hit across business units, markets and staff groups.
American Express also plans to scale back investment spending
and make further cuts to operating costs, including professional
services and travel.
The $800 million cost-cutting plan represents a reduction from
previously planned spending levels for the year. It is on top of
the $1.8 billion in savings tied to a cost-cutting plan announced
last year.
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