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American Express to cut 7,000 jobs, save $1.8 billion

American Express said on Thursday that it would cut 7,000 jobs, lower compensations, reduce operating costs and scale back investments to save $1.8 billion in 2009 as it struggles with the worst financial crisis in decades.

Shares of the company were up 2.7 percent at $15.90 in morning New York Stock Exchange trade. The company will take a restructuring charge of $370 million to $440 million pretax, or $240 million to $290 million after taxes, in the fourth quarter.

"The charge is primarily associated with severance and other costs related to the elimination of approximately 7,000 jobs or about 10 percent of the Company's worldwide workforce," American Express said in a statement.

American Express posted lower earnings for the third quarter as it set aside more money to cover growing losses in its credit card business.

Source: Reuters
Date: 30.10.2008 [203]

Financial and Banking News
 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

 6th Edition BFSI Innovation and Technology Summit 2017

Today Indian economy is considered as one of the fastest growing economies in the world and contributing to its high growth are many critical sectors, amongst which the BFSI sector is unarguably one of the most distinguished sectors of Indian economy. 21.07.2017 | Source: Exito Media Concepts

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