Jump to content


Sign in to follow this  
ukaviator

American Express cuts 5,400 jobs

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2466 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

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". American Express said it was having to adapt parts of the business as more customers make payments online or via mobile. It added that the job losses would be spread proportionally between the US and international markets.

 

The charges include restructuring costs of $287m mostly related to redundancy payments, $212m for Membership Rewards expenses and $95m for card member reimbursements In the fourth quarter, spending by card members was 8% higher than a year ago, the company said, "despite a brief dip in late October/early November reflecting the impact of Hurricane Sandy on consumers and businesses in the north-eastern United States". Total revenues rose 5% on the year to $8.1bn. "Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth," said chief executive Kenneth Chenault.

 

"For the next two years, our aim is to hold annual operating expense increases to less than 3%. The overall restructuring programme will put us in a better position as we seek to deliver strong results for shareholders and to maintain marketing and promotion investments at about 9% of revenues," he said.

 

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


Some useful links.

FAQ's

Making Posts

Letter Template Library

Bank Contact Details

AQ Guide to Completion

Court Fees

Data Protection non Compliance

Witness Statements for Court Bundle

Banking Code Website

Limitations Act

Fast Track Costs

A-Z Index

Mis-Claim Tutorial

Step By Step Instructions

 

Remember: The Ark was built by amateurs-The Titanic by professionals.

 

Please click my scales if you find my advice helpful !

 

If your claim is successful, please donate 5% so that it can continue to help others.

 

Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

WARNING TO ALL

Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

 

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

YOU CAN NOW COMPLAIN TO THE OFT ABOUT THEIR CONDUCT UNDER THE CONSUMER PROTECTION FROM UNFAIR TRADING REGULATIONS 2008.

Share this post


Link to post
Share on other sites
Sign in to follow this  

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...