×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: American Express Cuts

American Express to Cut 550 Jobs in Consolidation

Wednesday, 19 January 2011 10:15 AM

American Express plans to close a service center in Greensboro, North Carolina, and eliminate 550 jobs.

The New York-based credit card company said Wednesday that work now handled in Greensboro will be transferred to other locations in the U.S. A broader consolidation plan also will transfer work from a center in Madrid, Spain, to sites in the United Kingdom and Argentina.

American Express says the changes will result in a net reduction of 550 jobs. Because the changes involve relocating work to different sites, some 3,500 existing positions would be affected.

The company says the moves reflect a decline in service volume as more transactions are completed online, and on mobile devices.

The restructuring will result in charges of $113 million. American Express now expects to report net income of $1.1 billion, or 88 cents a share, for the fourth quarter. Analysts were expecting 92 cents a share.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
American Express plans to close a service center in Greensboro, North Carolina, and eliminate 550 jobs.The New York-based credit card company said Wednesday that work now handled in Greensboro will be transferred to other locations in the U.S. A broader consolidation plan...
American Express Cuts
148
2011-15-19
Wednesday, 19 January 2011 10:15 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved