American Express to cut 2,000 jobs

[Bush_Eats_Beef]

http://www.msnbc.msn.com/id/6729470/

NEW YORK - American Express Friday said it expects to record a fourth-quarter pretax charge of up to $120 million and cut 2,000 jobs related primarily to a restructuring of its business travel unit and the sale of some overseas banking operations.

The charge is not expected to have a material impact on the company’s quarterly net income since it also expects to record a gain associated with its previously announced sale, American Express said in a filing with regulators.

The announcement comes as the New York-based credit card provider continues to pare down its overseas commercial banking operations and move more of its business travel services online.

Of the 2,000 job cuts, up to 400 could be transferred to the future acquirers of certain commercial banking operations in Bangladesh, Egypt and and Pakistan as well as the previously announced sale of its private banking operations in Luxembourg.

[parkenyc]

1. Prosperity is just around the corner.

Herbert Hoover & G.W. Bush.

[cornermouse]

2. Merry Christmas. Ho, ho, ho.

[seaglass]

3. Hey - I got restructured out of Amex business travel.

Actually I worked for Amex for 5 years after they bought my company (and I liked Amex OK - good benefits, good pay) but they restructured Business Travel Ops at least once a year.

Not surprised by this at all except that it made the news.

[AgadorSparticus]

4. but isn't the economy really hot now???? i mean, i just heard some

woman at that bush economic summit say how the economy is at its peak--so much disinformation about the state of the economy out there. blah blah blah :eyes: