BUSINESS BRIEFING / CREDIT CARDS
Times Wire Reports
American Express said it was eliminating about 4,000 jobs as part of a plan to slash $800 million more in costs for the remainder of the year. The layoffs represent about 6% of the credit card issuer’s global workforce.
The newest plan follows $1.8 billion in cost cuts -- including 7,000 layoffs -- announced in October. The company also suspended management-level salary increases and instituted a hiring freeze.
