American Express announces job cuts of 5,400

| Print |  Email
Friday, January 11, 2013

 

Reuters: The reduction represents about 8.5% of the credit card company's workforce as it restructures its business, pays legal costs and adapts to customers' changing credit habits.

American Express tends to cut staff at the beginning of recessions. But CEO Kenneth Chenault, speaking to stock analysts after the announcement Thursday, said spending with its cards continues to grow.

"This is not driven by our view of the macro environment," he said.

The company said the job cuts will happen over the year and come even as it hires some new employees and invests in more online customer service. The current workforce of 63,500 people will be about 4 to 6 percent smaller by the end of 2013.

Read more.

 

More Articles

Reader Input: Rx for Health Care

July/August 2015
Wednesday, July 15, 2015

We asked readers how Obamacare has impacted their business.


Read more...

Grain Food

September 2015
Wednesday, August 19, 2015
BY JACOB PALMER

A Power Lunch at Bob's Red Mill Whole Grain Store and Restaurant.


Read more...

Downtime with Jill Nelson

September 2015
Wednesday, August 19, 2015
BY JACOB PALMER

Live, Work, Play wit the CEO of Ruby Receptionists.


Read more...

Ranking the airlines that fly PDX

The Latest
Friday, August 14, 2015
airlinesthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

17 airlines make stops at Portland International Airport, but not all are created equal when it comes to customer service.


Read more...

Money Troubles

September 2015
Thursday, August 20, 2015
BY DAN COOK

The state’s angel investing fund gets hammered in Salem.


Read more...

Farm in a Box

July/August 2015
Friday, July 10, 2015
BY JACOB PALMER

Most of the food Americans consume is trucked in from hundreds of miles away. Eric Wilson, co-founder and CEO of Gro-volution, wants to change that. So this past spring, the Air Force veteran and former greenhouse manager started work on an alternative farming system he claims is more efficient than conventional agriculture, and also shortens the distance between the consumer and the farm.


Read more...

Brain Storm

July/August 2015
Monday, July 13, 2015
BY CAMILLE GRIGSBY-ROCCA

Can the brave new world of neurotechnology help an OHSU surgeon find a cure for obesity?


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS