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American Express to Cut 4,000 Jobs
American Express Co. said late Monday that it’s cutting roughly 4,000 more jobs and will reduce spending on marketing and business development to help it save an extra $800 million this year.
The job cuts represent about 6% of the credit-card giant’s work force and will likely save approximately $175 million in 2009. The company said it will take a restructuring charge of $180 million to $250 million, before tax, in the second quarter to pay for severance and other costs related to the workforce reduction. [...]
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BUT Geithner says things are improving and cites the stock market for his rationale !
“Geithner denied that the Treasury is sputtering in its lead role in the economic recovery and pointed to gains in the stock market as proof of the effectiveness of his policies.”
If there ever was a more perfect example of how the Obama economic team sees the world it’s Geithner’s comments; as long as the ‘markets’ are ok, then everything is ok even though “Unemployment’s going to keep increasing for a while… It’s not going to feel better for a long time for millions of Americans.”