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American Express: 7,000 jobs

November 20, 2008

In order to slash costs by $1.8 billion in 2009, US credit card group American Express will lay off 7,000 of its employees, amounting to around 10 per cent of its worldwide workforce.

The company is also planning to suspend management salary increases, put a freeze on new hires, slash investment spending and cut expenses for consulting, travel and entertainment.

Image: A woman walks past an American Express travel agent inside the American Express headquarters in New York City. | Photograph: Spencer Platt/Getty Images

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