American Express will lay off another 4000 people

Beijing time May 19 morning news, according to foreign media reports, American Express Company (American Express Co.　　) said in a statement today that the company would lay off 4000 people, accounting for about 6% of the total number of employees, because credit card holders were unable to repay their loans on time due to rising unemployment. American Express said that the second quarter will include 180 million to 250 million U.S. dollars in fees, mainly for the cut staff severance payment and other related costs.　　The company will also further cut costs in terms of marketing and travel and consultancy services. In addition to the 7000 layoffs announced last October, the cuts could save about $2 billion trillion this year, American Express said. With America's soaring unemployment rate making it harder for cardholders to repay their debts, American Express has had to set aside more reserves to hedge against default loans.　　The U.S. unemployment rate hit 8.9% in April, a 25-year high. Jason Arnold, an analyst at RBC Capital Markets, points out that credit is a big problem and that credit card spending is a big concern; American Express layoffs are the right thing to do in the current environment. Building)