American Express to slash 4,000 jobs
China Daily | Updated: 2009-05-20 08:13
American Express Co, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or 6 percent of its workforce, as the weak economy causes higher customer defaults.
The cuts are part of the New York-based company's plan to save $800 million over the rest of 2009. They are in addition to 7,000 job cuts and an expected $1.8 billion savings from a restructuring announced in October.
Like many rivals, American Express has been hurt by rising delinquencies among cardholders, with the US unemployment rate having risen to its highest level since 1983.
Photo
