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- American Express announced a reengineering initiative on October 30, 2008
- Plans to cut operating costs and scale back investment spendingMarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
- Will eliminate about 7,000 jobsMarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
- Layoffs affect business units, markets and staff groups primarily in management positionsMarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
- Hiring freeze on open positionsMarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
- Cost benefits expected to be about $1.8 billion in 2009MarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
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American Express announced that it would layoff 10% of the company's workforce, which is equivalent to about 7,000 jobs, on October 30, 2008. The job cuts will primarily affect management and positions that do not require employees to interact directly with customers. Additionally, American Express is suspending administration-level salary increases for 2009 and will issue a hiring freeze on open positions.MarketWatch: American Express Announces Reengineering Plan to Generate.... (October 30, 2008)
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American Express Layoffs Questions
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Bank : What was American Express Credit Card Write-Offs in 2008? 2 AnswersAmerican Express reported $8 billion in write-offs on their 8k for 2008. (7.5% of 32.6 billion category A cards, and 7.3% of $62.4 billion of category B cards).... read more -
Bank : How much did American Express collect in penalty fees in 2008? 4 AnswersPer Footnote 23 (page 112) of the American Express 2008 10-k filing with the SEC, American Express recorded $852,000 in delinquincy fees for the year ended Dece... read more
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History of AOL Layoffs 2 AnswersBoomtown announced on January 28, 2009 that AOL, which is one of Time Warner online units, is cutting 700 employees, approximately 10 percent of its workforce. ... read more
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