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American Express to Cut 4,000 Jobs

Submitted by WSN_Staff on Mon, 05/18/2009 - 22:42.
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American Express

American Express Company (NYSE:AXP) plans to eliminate 4,000 jobs, or 6% of its workforce, as the weakened economy causes higher customer defaults.

The cuts are part of American Express Company's plan to save $800 million over the rest of 2009. They are in addition to 7,000 job cuts and an expected $1.8 billion of savings from a restructuring it announced in October.

Shares of AXP closed up 7.8% today at $26.13 a share.

 

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