Amex and eBay to cut thousands of jobs - Metro US

Amex and eBay to cut thousands of jobs

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Despite an increase in profits, American Express plans on laying off 4,000 people and eBay will give the pink-slip to 2 400 people, according to CNN Money. The layoffs are said to be a direct result of shareholder pressure to increase revenue even more, according to Mike Santoli, a senior finance columnist at Yahoo.

Representatives at American Express say eliminating 4,000 positions will save them $800 million, according to USA Today. This comes after an announcement three months ago saying the company would cut 7,000 jobs, saving $1.8 billion.

For eBay’s part, the company is simultaneously cutting 7 percent of its workforce while spinning off PayPal as a separate company. “This is the best path for delivering sustainable shareholder value,” an eBay representative says in a press release about the split.

The lay-offs for both companies are said to take place before April.

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