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American Express profits rise; company cuts workforce by 5%, or about 4,000 employees

American Express profits rise; company cuts workforce by 5%, or about 4,000 employees
Photo: KSAT 12 (ABC affiliate) · view original

American Express profits rose sharply in the third quarter as it transitioned the vast majority of its members to a new, higher-fee Platinum Card while its well-to-do customers continued to spend aggressively. The company also announced its first major job cuts in roughly a decade, telling invest...

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