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.
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I had same thing happen. Our group displaced, all married men with families and aged ~50. Replaced primarily with 30 something NYC career women, single, no families etc. Ageism was rampant and after I left heard same story repeatedly from others displaced and replaced. The other big dynamic there is genderism. Huge focus on advancing women into top ranks which starts lower down on pyramid as a numbers game. Many churn on and go elsewhere which leads to even more focus on their retention and advancement. So HR defends as DEI yet clearly not about merit, open competition and fair selection. So that drives competitive and quality male middle manager departures and those that remain become rungs on women’s career ladders left with flat career trajectory’s and awaiting packages. While a lot of talk about merit based compensation and advancement principles, calibration time meant forcing proportionality into ratings distributions and raised eyebrows on top performer and promotion decisions…. Don’t miss it!
I had two cards with American Express 50k limit and I cancelled them last week.