American Express Plans to Eliminate About 5% of Global Positions
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American Express plans to eliminate about 5% of its global positions in a restructuring, Chairman and CEO Stephen J. Squeri said, linking the reductions to efforts to streamline operations and accelerate innovation. Squeri disclosed the plan during the company’s third-quarter earnings call at 8:30 a.m. ET Friday, Oct. 23. He said he had asked senior leaders earlier this year to find ways to streamline teams and reduce organizational layers. “We needed to become a more agile and efficient organization,” Squeri said. American Express recorded a $336 million pretax restructuring charge, or $253 million after tax, for the quarter ended Sept.
Source: TokenPost
