In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. plans to cut 7,000 jobs, or about 10% of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.
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American Express to cut 7,000 jobs
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US consumers cut spending
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Compass Bank to cut 10 percent of staff
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Store cards turning into a nightmare for retailers
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Obama signs credit card reforms
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Banks expected to tighten terms on credit cards
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S&P cuts American Express ratings to 'a'
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Office of Fair Trading to investigate credit card fees
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HSBC to axe at least 10,000 jobs:
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Bank of America to cut 7,500 jobs
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Visa and MasterCard downgraded
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Visa, MasterCard may raise debit card fees
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Bank of America estimates cut
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Bofa to charge annual fees on rewards credit cards
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Scanfil's turnover for the year 2007 decrease 7,0%
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Continental to cut jobs
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Amex adds ``jelly roll' strategy