Fiji Time: 12:57 PM on Monday 4 May

Fiji Times Logo

/ Front page / Business

5400 lose jobs

Bbc.Co.Uk
Saturday, January 12, 2013

AMERICAN Express has announced plans to cut 5400 jobs worldwide from its total workforce of 63,500 by the end of 2013.

The credit card provider said it took almost $US600m ($F1.059billion) in after-tax charges in the fourth quarter of 2012.

The company said those charges would halve its net profit for the quarter from $US1.2bn ($F2.11b) to $US637m ($F1.124b).

It said the majority of the job losses would be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution".

American Express said it had to adapt parts of the business as more customers made payments online or via mobile.

It added the job losses would be spread proportionally between the US and international markets.

The charges include restructuring costs of $US287m ($F506m) mostly related to redundancy payments, $US212m ($F374.2m) for Membership Rewards expenses and $US95m ($F167.6m) for card member reimbursements





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Ministry suspends nurse
  2. State asset sales
  3. Police analyse the impact of nightclub operations
  4. Mayweather wins 'Fight of the Century'
  5. The hand that rocks the cradle
  6. Manchester United hopes shattered
  7. Mayweather beats Pacquiao
  8. $46.36b development assistance
  9. Leaders meet in Baku
  10. Tenants fit out stores as work progresses

Top Stories this Week

  1. Fiji Airways logo designer dies at her home Tuesday (28 Apr)
  2. Dead after midday Wednesday (29 Apr)
  3. Top five in Fiji Saturday (02 May)
  4. Fijians' test of faith Tuesday (28 Apr)
  5. Officer hurt in robbery attempt Wednesday (29 Apr)
  6. Expensive destination Tuesday (28 Apr)
  7. Kids live in fear Wednesday (29 Apr)
  8. Indonesian authorities act 'cruel' Thursday (30 Apr)
  9. Homeless Sunday (03 May)
  10. MP faces court Thursday (30 Apr)