American Express will eliminate 4,000 jobs

May 18, 2009 6:20:48 PM PDT
American Express says it is eliminating about 4,000 jobs as part of a plan to slash $800 million in costs for the remainder of the year. 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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