Layoffs Watch '08: AMEX

Posted by Bess Levin, Oct 30, 2008, 10:35am

American express plans to cut around ten percent of its global work force, a reduction that represents about 7,000 jobs, in an effort to save $1.8 billion in 2009, according to the Journal. Apparently the number one bullet point in a memo sent to employees highlighted a need to "reduce the amount we spend on consulting services" and later in the note, quite hideously, the bomb was dropped that there will be no holiday parties.. At this time, it's unclear if today's announcement is in reaction to the failure of the "Speak Up and Speak Out" program announced in August in which the company encouraged employees to get each other fired, or if the tactic will be a cornerstone of the upcoming cuts.

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Comments

1

Posted by guest , Oct 30, 2008 10:47AM

No holiday parties? Short the party companies and hotels!!! BaHumBug!!!

2

Posted by guest , Oct 30, 2008 10:47AM

http://www.youtube.com/watch?v=e0daTVnJmt8

SPODE

3

Posted by guest , Oct 30, 2008 10:47AM

ouch, GS may want to stop construction of their building and share space with AXP

4

Posted by guest , Oct 30, 2008 10:48AM

No holiday parties? Short the party companies and hotels!!! BaHumBug!!!

5

Posted by guest , Oct 30, 2008 10:50AM

short the hotels and party companies....Bah-Hum-Bug

6

Posted by Anal_yst , Oct 30, 2008 10:56AM

@ 1, 4, 5

And you suggest shorting which publically trades ones...?

7

Posted by guest , Oct 30, 2008 11:06AM

Anal_yst @6 What happens in Vegas stays in Vegas. Want to see my pics?

SPODE

8

Posted by guest , Oct 30, 2008 11:14AM

Damn, this sucks. AMEX is a major client of ours and bullet #1 will screw us big time...

9

Posted by prgy , Oct 30, 2008 11:32AM

The American Stock Exchange is in trouble having to layoff more people

10

Posted by guest , Oct 30, 2008 12:01PM

credit card defaults approaching 17% industry-wide, what do you expect?

http://www.weeklyta.blogspot.com

11

Posted by guest , Oct 30, 2008 9:47PM

@3 - you're on to something. ML laying off ahead of the move to midtown to BoA's offices, AXP laying off 7,000 and GS cutting 10% before they even move into the new building across the street from World Financial. There will be plenty of space in World Financial. Hopefully one of the Japanese banks will over hire and fill the space if history is any guide.

12

Posted by guest , Oct 30, 2008 10:03PM

Any sweet deals on battery park city condos for like $2500 per square foot?

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