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Layoffs Watch '08: AMEX

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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.