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)