American Express paints bleak outlook
One day after announcing plans to slash 10 per cent of its global work force, American Express Co. painted a bleak outlook on Friday, saying it does not expect to meet its financial targets until economic conditions improve.
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.