Amex said it will slash 10% of workforce or 7,000 job in order to save $1.8B.  The survivors of such a layoff work will see no raises and other cut backs including travel expenses.  CEO Ken Chenault, who earned $26M in compensation from American Express did not specify if he or management would be taking a paycut to save a few jobs.

American Express CEO Ken Chenault with President Bush

American Express CEO Ken Chenault with President Bush


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