American Express to cut (4,000 jobs or) 6% of workforce

[UpInArms]

Source: CBS Marketwatch

(AXP 26.00, -0.13, -0.50%) said Monday it will trim 4,000 jobs, or about 6% of its workforce as part of a cost-savings plan. Under the plan, AmEx hopes to save $800 million during the remainder of 2009. About $175 million of the savings are to come from the job cuts, which are expected to cost $180 million to $250 million in a second-quarter severance charge. Reduced spending on marketing and business development is expected to save $500 million, and cuts to consulting, travel, and general overhead are expected to save $125 million.

Read more: http://www.marketwatch.com/story/american-express-to-cut-6-of-workforce?siteid=bnbh

[CatholicEdHead]

1. Any of these jobs going overseas?

[nbsmom]

2. Count on it. n/t

[Dr.Phool]

3. Marakesh Express?

Mumbai Express?

[OhioChick]

4. What jobs aren't these days? n/t

[sendero]

5. But not to worry....

... the "green shoots" are popping up everywhere!

[customerserviceguy]

6. These might not go overseas

at least initially. Amex is hurting badly, they've screwed over millions of Americans with higher interest rates and altered terms. It's only natural that the low level people in the workforce bear the brunt of the mismanagement at the top, it always works that way.

[skoalyman]

7. found those green shoots