Five years ago Friday, Bank of America announced it was buying one of the nation's largest mortgage lenders. Bank officials thought the deal to buy Countrywide Financial would cement Band of America's place at the top of the commercial banking business. But it did not turn out that way.
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.
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