By
Associated Press
.
Published: Thu, October 30, 2008 - 10:45 am
NEW YORK (AP) - With a challenging outlook for the credit cardbusiness, American Express says it plans to cut 7,000 jobs. That is
about 10 percent of its global work force. American Express wants
to cut costs by $1.8 billion next year.
The New York-based card issuer says it is suspending
management-level salary increases next year and putting a hiring
freeze in place.
Last week, American Express reported a better-than-expected 24
percent decline in third-quarter profit. But it echoed recent
results from JPMorgan Chase, Citigroup and Capital One Financial
showing that the credit card business is worsening as people run
into trouble paying off debt and slow spending.
Many Brands Vanished in 2008
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