American Express has announced plans to eliminate 5,400 jobs in the coming year. Expenses rose faster than revenue for the credit card giant and fourth quarter profits were down sharply. The company said the largest reductions would come in the global travel business.
A major overhaul of Spain's banking system is in full swing. Felled by the housing crunch, Spanish banks are getting billions in rescue loans from Europe, but they'll have to lay off about 55,000 workers in exchange.
Timothy Geithner presided over Treasury at a particularly tumultuous time. The banking system was still in a crisis, and people were soon calling for his head. Naming his replacement four years later, President Obama said Geithner will be remembered "as one of our finest secretaries of the Treasury."
The cuts will come primarily in the company's travel business, and account for about 8.5 percent of AmEx's 63,500- person workforce. American Express said it will take a $287 million restructuring charge associated with the layoffs.
As businesses face more complex regulations and heightened scrutiny by prosecutors, companies are turning to investigative firms to help keep watch over their employees. The idea behind the "corporate monitoring" business is to nip misconduct in the bud before law enforcement catches a whiff of it.
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