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Economy

xchrom

(108,903 posts)

23. American Express cuts 5,400 jobs

Reply to Tansy_Gold (Original post)

Fri Jan 11, 2013, 10:11 AM

Jan 2013

http://www.bbc.co.uk/news/business-20980486

American Express has announced plans to cut 5,400 jobs worldwide from its total workforce of 63,500 by the end of 2013.

The credit card provider said it took almost $600m (£370m) in after-tax charges in the fourth quarter of 2012.

The company said that these charges would halve its net profit for the quarter from $1.2bn to $637m.

It said the majority of the job losses would be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution".

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