Sounds like American Express is looking at layoffs to start 2021. They committed to nothing for 2020, but 2021 is another story. The Corp Card business did just remove the leader and brought in someone else. He is known for cutting staff quickly.
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American Express has been layoff-crazed since the early 90s. It is the singular go-to for cost savings by an old school, unimaginative leadership team. I worked there for over 30 years before getting laid off as one if 1500 in early 2020. While I am very grateful for the excellent severance package, I am resentful that at least on my team the layoffs were all among older, tenured employees know to be good performers. I was told when I started working there at 25 that the company did not keep older employees unless they were in upper management. I can attest that that is true. Amex also disrespects tenure and experience and promotes young, more affordable off shore talent. This cost savings feeds their bloated executive compensation packages. Hypocrisy runs deep at Amex. My boss suggested I buy my own supplies so as not to call attention to us while executives take bonuses that could fund one of those 3rd world countries whose over-educated, under-experienced often very arrogant citizens they love to employee and exploit with cheap wages.
Terry and Cecilla must still be going strong. Almost mid way through 2021 and she still has a job and still has not sold anything. Yet lots of 20+ year people with good numbers and reviews let go.
Guess it really is not about performance in the workplace that counts to Terry.
It just happened in Singapore. F2F channels gone for good... VP-Acquisition not spared.
Jokers were promoted because YWH could not get the belle he was smitten with. Get rid of the belle who had the abilities and replace with another female with the same name. Promote the replacement and fill up the positions with the incapable puppets. See what happened? Business losses suffered due to personal self-interests...
A young and ambitious female who quickly rose up the ranks despite not knowing much. Just need to buy lunch boxes everyday, stay late with the big boss every night. An intern to a Band 35 in a short span of time.
Next one to be promoted to Director of acquisition... another female who's soft spoken.... someone who was actually identified to be incapable by her orbits leaders.
Time AmEx HR really investigate all the dirty monkey businesses happening over the years.
Leadership being laid off as we speak in the travel department. Noticed they are hiring in the Philippines for travel positions. Writing is on the wall.
There have been 2021 layoffs, but I have little details on the scope. The organization rated itself 3- for 2020, and that will not bode well. Typical ratings are anywhere from 2+ to 1. I worked for American Express for over 15 years until my layoff in 2020. I am grateful for everything that I learned while working there, but I can tell you the organization has become less and less employee-friendly over the years. When I first started working there I was impressed with the leadership and the focus on cardmembers, merchants, customers and employees. Over the years the employees have become less and less important in that equation. They started outsourcing jobs back in the 90s. In the department I left, all new hires were either offshore or younger minorities hired in New York. When they did layoffs last year, they went for high tenure and masked getting rid of older people by saying it was about location. American Express has made an agreement as a condition of doing business in India to guarantee a certain number of college graduates jobs. Those jobs are being taken away from long-term employees like me. Let me state in my career at American Express, I never got a bad review never went on counseling and never did anything else that was perceived as anything other than being an above-average employee. Employee loyalty is assuredly in decline. Even without the pandemic and the economic downturn, American Express would still do annual layoffs. This company loves youth and off-shore wages. Eventually India will demand higher and higher wages and better benefits, and American Express will move on from them. That is their business model. Their tool belt is decidedly sparse when it comes to dealing with declining profits. Laying off employees is pretty much their number one go to move. Interesting, they rarely if ever consider cutting executive wages.
American Express laid off 1,500 people in February of 2020, and most of those positions were refilled in India. I know because I was one of them. It is very disingenuous for them to say they did no layoffs. There has not been a year since the nineties when American Express did not do layoffs.
As you look at the Sales Department, and Account Managers..... there is no logic. Looks like in Sales... you can sell less than $40k in volume in 2020, and keep your job just because you have a “special” relationship with Mr. B! Sad to see. Not the Amex Culture they always talk about. But at least she keeps her job.... no matter WHAT she has to do to keep it. Sad!
GCS LM & Global cuts started, even new business acquisition. Tenured, loyal, performing colleagues gone :(
Do you reckon this will be a Global Restructuring , or just in the US . Could EMEA be impacted ?
which departments are more likely to be impacted ? Corporate /consumer
Automation is going to be key for the restructuring
And now they just announced 1 BILLION for minorities. Plus a $10Million to BLM.
But no Merit increases for Employees!
There is no question this is going to happen. Just depends how deep they decide to go. Earnings just came out and they missed the expectations. Still made money but this is Wall Street. They will cut cut cut!
Check job postings for "cost reductions data science"
Does anyone know if this is a for sute possibility?