AmEx Targets $800 Million in Cost Cuts - WSJ.com
American Express Co., reeling from rising defaults and delinquencies on its credit cards, unleashed its second big round of job cuts in a move aimed at saving $800 million this year.
The New York company said it would eliminate 4,000 jobs, or 6% of its work force, mostly though layoffs. The layoffs, which will save $175 million, come on top of 7,000 job cuts AmEx announced in late October.
About $500 million in additional savings will come from cutbacks in marketing and business development. ...
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