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On the Right Track? American Express to Cut 5,400 Jobs, Morgan Stanley Will Slash 1,600 More

Jan. 10, 2013 8:00pm Jason Howerton

American Express to Cut 5,400 Jobs, Morgan Stanley Will Slash 1,600 Jobs

Credit: AP

(TheBlaze/AP) — American Express Co. said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

The job cuts will be partly offset by jobs that the company expects to add this year.

American Express said the jobs eliminated will span employee seniority levels and divisions worldwide, but will primarily involve positions that do not directly generate revenue for the company.

All told, the company anticipates that staffing levels will end up between 4 and 6 percent lower this year than in 2012. The company currently has 63,500 employees.

“Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth,” said CEO Kenneth Chenault.

Shares slipped 29 cents to $60.50 in after-hours trading. They ended regular trading up 53 cents at $60.79.

American Express said it will book an after-tax charge of $287 million due to the restructuring. It’s also recording $212 million in expenses related to reward points for its cardholders and roughly $95 million in customer reimbursements and other costs.

Additionally, the investment bank Morgan Stanley plans to cut about 1,600 jobs, nearly 3 percent of its workforce, a person familiar with the bank said Wednesday. The cuts will focus on senior ranks at the bank.

Credit: Getty Images

About half of the cuts will be in the U.S. Morgan Stanley’s investment banking unit has been asked to cut about 6 percent of its staff. Back-office functions, including human resources and communications, have also been asked to cut staff. The person familiar with the matter wasn’t authorized to speak on the record and insisted on remaining anonymous.

Job cuts have become common in the banking industry, which has been shrinking in the years since the financial crisis imploded.

In December, Citigroup said it would cut 11,000 jobs, about 4 percent of its total workforce, and Bank of America has also been trimming jobs.

Morgan Stanley has already been cutting back on jobs and other expenses, as it deals with a sluggish economy and new regulations that are crimping some of its former sources of revenue. As of Sept. 30, the bank had about 57,700 jobs, down about 7 percent from the roughly 62,200 it had the year before.

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Comments (33)

OrlandoBisegna
Posted on January 11, 2013 at 3:10pm
The Orlando Bisegna Index is a composite index. It is the result of 206 component indicators. It shows the total measure of the economic crisis existing in each of the countries analysed by using a value on a scale of 0 to 100, with 0 being the null level of the crisis intensity and 100 the maximum level.

1) Greece 39.54
2) Portugal 31.12
3) Ireland 29.08
4) Spain 25.22
5) Italy 23.68
6) Argentina 15.72
7) France 15.45
8) Japan 15.11
9) Netherlands 14.79
10) United Kingdom 14.53
11) United States 13.19
12) South Africa 11.37
13) Canada 11.21
14) Saudi Arabia 10.85
15) Brazil 10.63
16) Germany 10.15
17) Russia 9.87
18) Mexico 9.81
19) Sweden 9.40
20) Turkey 9.19
21) South Korea 9.06
22) Indonesia 8.76
23) Australia 8.43
24) India 8.10
25) China 6.14

For more information visit http://www.orlandobisegna.org/

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i have black immunity
Posted on January 11, 2013 at 1:12pm
Looks like Oweblamer’s “trickle UP Poverty” plan is working extremely well! Can we afford to go through Owebamageddon?

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mikem1969
Posted on January 11, 2013 at 9:18am
Got to love little hitler’s America, we put you all in chains on the government dole. Now you will all be peasants and the elites will hold all the cards. Hey lib progressive morons, WE TOLD YOU SO.

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pryxp11
Posted on January 11, 2013 at 7:08am
Well all you Morgan Stanley, City Group, AMX people (74,100) that voted for the Rag Head Communist now you too can collect unemployment (for 99 weeks), food stamps, maybe get a free cell phone, who said like isn’t grand.

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pahrumper
Posted on January 10, 2013 at 9:46pm
When the camel jumper (aka obummer) gets through with the visible numbers it will be 3 not 8 no matter what it actually is

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- sillyfreshness
  Posted on January 11, 2013 at 2:14am
  Guess the economy isn’t doing so hot after all eh Marxists? We were led to believe that the only concern we have to worry about is “educating our children” per Morgan Freeman in an Obama ad. Pure propaganda.
  
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Coyote1953
Posted on January 10, 2013 at 9:44pm
Here’s the math that Obama reports to the ignorant masses;
5,400 layoffs to unemployment
1,600 layoffs to unemployment
7,000 converts to 100,000 jobs created or saved

The useful idiots believe that!

For each person who goes on unemployment, they ensure the jobs of numerous federal, state and local workers as well as support staff.

Obama just sees them as more and more people who become dependent on his benevolence.

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- Frederick_Douglass_Republican
  Posted on January 10, 2013 at 10:43pm
  You got it all wrong. When people are laid off they get food stamps which they spend and the economy grows! Once we’re all on food stamps the economy will be the best its ever been. Im gonna write a song praising the (half) black Karl Marx Messiah.
  
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singray
Posted on January 10, 2013 at 9:31pm
Ship of Fools. That is what I equate it to. A sinking ship and less than half actually see it. Don’t worry America because those that count are up on the deck. And the fools will only understand when their sneakers get wet. Then they will destroy all trying to get away. The peons haven’t figured out yet that they are down here with the rest of us. The peons have no idea that when this ship goes down they will not have a lifeboat. They have been taught to hate and blame and this has cost them common sense. And Common Sense trumps their rhetoric.

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dealer@678
Posted on January 10, 2013 at 9:23pm
If everyone in America loses their job Dow will hit 25,000. Go figure

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- drs1969
  Posted on January 11, 2013 at 12:05am
  Reverse that and you’re completely correct. As the Dow is inflated to 25,000, by the Counterfeiter-in-Chief Ben Bernanke, the inflation he creates will throw everyone out of work.
  The TV news has recently been dropping hints about $5 gas. $10 gas can’t be far away, whoo-hoo!
  
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Netsurfer2
Posted on January 10, 2013 at 9:07pm
Just another way of punishing the working class that got their taxes raised so that the poor who are on welfare can express themselves on the governments dime! Business as usual, nothing changed but your imagination!

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sparkyrules
Posted on January 10, 2013 at 8:41pm
I hear they are hiring big time out in the Dakota’s.Energy .Maybe get those SUITS and TIES dirty,city boys.

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FISH_BONE
Posted on January 10, 2013 at 8:30pm
The country is going straight to hell and all we do is sit here and make comments on an internet site.

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- decendentof56
  Posted on January 10, 2013 at 8:47pm
  I suppose you think I should talk to my cat?
  
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- TIMEBOMB
  Posted on January 10, 2013 at 8:48pm
  Not to worry as your magnificent ruler I’ll turn off the internet so you won’t be able to complain about your majesty. I can’t have my subjects dispariging my regime in any way and I won’t tolerate it.
  
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- dealer@678
  Posted on January 10, 2013 at 9:26pm
  Timebomb, Is the little one yours or Fiddys
  
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brigott
Posted on January 10, 2013 at 8:24pm
Hey, because Obama doesn’t have to worry about being re-elected, he has a little more leeway this term.

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- FISH_BONE
  Posted on January 10, 2013 at 8:28pm
  If I recall, he used the term “flexible”.
  
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mash4077
Posted on January 10, 2013 at 8:22pm
more like on the left track.el presidente baboona and his minions are working fast and feverishly to end this thing called capitalism and individual rights and freedoms.we are becoming the soviet union.

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Clownzilla
Posted on January 10, 2013 at 8:21pm
I will represent the typical Liberal and submit their reply to this article:

Blah, blah, blah, banksters! Blah, blah, blah, 1%! Blah, blah, blah, fair share! Blah, blah, blah, unfair loans!

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TIMEBOMB
Posted on January 10, 2013 at 8:20pm
As your gay Marxist ruler I want you to know that we’re well you’re going to be going through some very tough times. Sure unemployment is high and energy costs are high but look on the bright side I gave you government health care,it’ll take 6-8 months to get an mri if at all and I’ve added millions on the health care rolls. Half the doctors in new America said they’d get out of the business when the law goes into effect so what could go wrong?

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- Fubared
  Posted on January 10, 2013 at 8:29pm
  Hail be to you, BHO?
  
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- whatthecrazy
  Posted on January 10, 2013 at 9:09pm
  Dear leader with no due respect you have just peed on my leg and told me it was raining,but i am not one of your ignorant to the facts voters.Do you think that you could take your hefty beard and yourself out of the White House and back to the Bath House where you would be much appreciated?
  
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woodyee
Posted on January 10, 2013 at 8:15pm
Attn soon-to-be former employees of Morgan-Stanley and American Express –

“How you like me now?” – Obammy

and remember…

‘Bama-phone!

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Walkabout
Posted on January 10, 2013 at 8:14pm
Read ZeroHedge & then ask WTF are the democrats doing?

1-2013 – Macro Deja Deja Vu
2-Martian Central Bank Interested in Buying 100 $1 Trillion Coins
3-To “The Precious Metal Purchasing Act” From Executive Order 6102 – Santelli’s Take
4-Goldman On The Debt Ceiling: “It’s Different This Time”
5-Spot The “Blockbuster” Retail Season
6-What A Record $220 Billion “Deposit” Injection To Kick Start To The 2013 Market Looks Like

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KingCanon
Posted on January 10, 2013 at 8:14pm
Slow Death.

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BODYBAG
Posted on January 10, 2013 at 8:11pm
Why just today fearless leader stated his regime has added 6 MILLION jobs and steady growth
for the last 3 years of “the economic recovery”.

Dont pay ANY attention to those news reports, statistics, welfare enrollments, unemployment applications or economic indicators ——

Just listen to what I tell you.

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progressiveslayer
Posted on January 10, 2013 at 8:10pm
Marxist POS gets reelected unemployment goes up,socialized medicine is inflicted on us and taxes go up to pay for that free health care.The gun grabbing egomaniacal Marxist says the debt is meaningless.
Sounds like he has us on the same course as Greece,I guess we’ll see just how meaningless the debt really is huh?

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- DadRocked
  Posted on January 10, 2013 at 8:20pm
  And his 1st four years isn’t completed yet for another 10 days…
  Wish I could say, “I can only imagine” but I can’t…
  
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- FISH_BONE
  Posted on January 10, 2013 at 8:21pm
  The Kenyan POS has his plan right on track. Everything is moving forward, just as anticipated.
  
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barber2
Posted on January 10, 2013 at 8:08pm
Surprised ? Welcome to Obama II when the radicals ‘ War on Capitalism really heats up.

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- FISH_BONE
  Posted on January 10, 2013 at 8:37pm
  Hi Barber. No one with an IQ above 47 is surprised.
  
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