American Express to cut 7,000 jobs
In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. plans to cut 7,000 jobs, or about 10% of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.
Bank of America said on Friday it will cut about 7,500 jobs after it closes its acquisition of the mortgage lender Countrywide Financial Corporation.