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AmEx India is likely to cut about 150 jobs

AmEx India is likely to cut about 150 jobs
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First Published: Tue, Nov 04 2008. 12 50 AM IST
Updated: Tue, Nov 04 2008. 12 50 AM IST
New Delhi: American Express (AmEx) India, the local unit of New York-based card issuer American Express Co., is likely to cut 120 to 150 jobs from its finance and accounting back-office operation in the country, a person familiar with the development said on Monday.
Financial Centre-East, as the Gurgaon-based operation is known, employs about 1,200 people, who support the company’s businesses around the world.
Most employees who are being asked to leave, would be likely rehired given that AmEx may shift some jobs to India from its global operations, said the person, who declined to be named.
Executives at levels such as senior manager, director and vice-president would be among the employees asked to go, this person said.
AmEx had said last week that it will reduce 10% of itsworkforce, or some 7,000 employees, to cut costs as customers hurt by the loss of jobs amid the crisis in the US financial industry default on debts.
The company also said it will freeze hiring and management raises and cut spending.
PTI news agency reported on Monday that AmEx had handed letters to about 200 employees and senior executives asking them to leave.
The company intends to retrench another lot of about 150 employees by January as part of its restructuring, the report said, citing people it didn’t name.
An official at an external agency that works closely with AmEx, however, put the number of job cuts at less than 100. This official didn’t want to be named.
“While we cannot give you a specific number for India market, we can tell you that we are not the main focus of the restructuring,” said a statement released by AmEx India.
“The reductions will occur throughout the company and across business units, markets and staff groups, primarily focusing on management and other positions that do not interact directly with customers.”
AmEx in India has businesses including commercial banking, call centre operations, credit-card and travel services business and employs more than 4,000 people.
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First Published: Tue, Nov 04 2008. 12 50 AM IST