3 sources • 4 verified points
American Express to cut about 3,500 jobs, or 5% of its workforce
American Express announced it is cutting about 5% of its workforce worldwide, or roughly 3,500 jobs, as the company seeks to curb rising costs and simplify operations. The decision comes despite strong quarterly earnings and continued customer spending.
AI-written summary of 3 sources; every verified point is backed by a verbatim quote. How Iyan works
- CEO Steve Squeri, who spoke to Bloomberg, says the company is seeking to curb its rising costs.
«American Express Co. is cutting 5% of its headcount globally as Chief Executive Officer Steve Squeri seeks to keep a lid on the company’s rising costs.»
Los Angeles Times - The company will take restructuring charges of $336 million as part of the layoffs.
«The company on Friday announced a $336 million restructuring charge as part of the layoffs»
New York Post - The layoffs affect thousands of employees out of a workforce of about 77,000.
«which will impact thousands of the firm’s roughly 77,000 workers.»
New York Post - The cuts come despite strong quarterly earnings and continued customer spending, and aim to lower costs and simplify operations.
«to reduce costs and streamline operations, despite strong quarterly earnings and ongoing customer spending.»
Eurasia Business News
Iyan — See it for yourself. What changed in your world today, why it matters, and how we know.
How it works • Privacy • Terms