Amex to Record Charge, Cut Jobs
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American Express (AXP.N: Quote, Profile, Research) on Friday said it expects to record a fourth-quarter pretax charge of up to $120 million and cut 2,000 jobs related primarily to a restructuring of its business travel unit and the
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American Express has recently suffered considerable damage as around 20 thousand US banks could not use AE cards. &quot;Consumers have been damaged by the boycott by being deprived of competitive alternatives,&quot; said
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MARSH &amp; MCLENNAN, the insurance broker, is to axe 3,000 jobs to help to prop up its flagging profits, which have been hurt by a $232 million (Â£125 million) charge to cover a potential settlement with Eliot Spitzer, the New York attorney-general.
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American Express Co. AXP.N, the  global credit card and travel services company, on Tuesday said  it will spin off its personal finance unit, whose 12,000  advisers sell financial planning and other services to 2.5  million customers.
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Financial services giant American Express Co. said yesterday it will spin off its financial advisory business so it can focus on the faster-growing charge and credit card, payments processing, and travel businesses. Its shares rose more than 6 percent.
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New York-based credit card and travel services company American Express  is expected to sell its private banking business within weeks, said a source familiar with the matter.
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Citigroup  will announce plans to  cut payrolls by 17,000 to 24,000 people when it reports  earnings on Tuesday, CNBC television reported on Monday, adding  that the layoffs could take place over a year.
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American Express yesterday said it was seeking &quot;billions of dollars&quot; in damages from Visa and MasterCard over alleged &quot;illegal and anticompetitive practices&quot;.
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American Express said on Friday it expects to record a fourth-quarter pre-tax charge of up to &#36;120 million and cut 2,000 jobs related to a restructuring of its business travel unit and the sale of some overseas operations.
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American Express Co said it will cut 2,000 jobs, or 2.5 per cent of its work force, in a restructuring designed to save more than USD 75 million a year before taxes.
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Stocks fell on Friday after American Express Co  was the latest company to warn of mounting credit-card defaults and slowdown in consumer spending, adding to expectations of a U.S. recession.
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NEW YORK - America Online plans to cut about 700 jobs next month, a person familiar with the matter said yesterday. The 5 percent cut in its US work force is an attempt to meet financial targets as users leave the service for broadband connections.
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Time Warner Inc. plans to take a  pretax charge of about $60 million in the current fourth  quarter for severance costs stemming from job cuts at its  America Online unit, the company said in a securities filing on  Friday.
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Deutsche Bank took a pretax charge of $787 million for the fourth quarter to pay for job reductions, including about 1,900 positions in Germany.
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NEW YORK - Charge and credit card giant American Express Company said it rung up record third quarter profits as consumers went on a shopping splurge and extended their borrowings.
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Sovereign Bancorp. said yesterday it will cut 800 jobs, 77 of them locally, from its workforce of almost 9,000 and close most of its wholesale mortgage operation in an effort to slash costs by $100 million annually.
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Bank of America will begin this month to cut 4,500 jobs across the company, predominantly in non-customer-facing positions. Bank of America said the cuts will spell $150 million in severance