American Express Cuts 7,000 Jobs


New York–based lender American Express is cutting 7,000 jobs, after posting four straight quarterly profit declines and losing about half its market value this year. “Consumers are clearly retrenching given all the uncertainty out there about jobs,” said one analyst. Yeah, using a credit card you have to pay back at the end of the month gets a lot less attractive when you don’t know what will happen in a month. [Bloomberg]