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Written by Aaron Brigatti  
Sunday, 02 November 2008

Well a number of people were told about their future with AXP on Tuesday, 28th October...with the main company-wide and public announcement published on on Thursday, 30th October.

URL - BBC News -- Amex to cut costs and 7,000 jobs.

Shocking news for all concerned - but at the moment I seem to have been lucky and avoided any immediate impact! Touch wood...I just need to keep my head down, and keep working hard!!!! - although the media did imply most of the cuts were at middle-management - it actually seemed to affect all levels - crickies! I've never experienced anything like this before, so was quite a shock to read the news in the media and internally...

But I still see the effects in any case:

  • Frozen merit increases in 2009 (and this was when the appraisal period was upon us!)
  • No bonuses next year (ditto above comment!)
  • Freeze of development
  • Travel & Expenditure - not too much of an impact to my role, so just need to make do with the "new technology" (Video-Conferencing / WebEx / Conference Calls etc!)
  • Hiring freeze - makes sense to me
  • And confirmation that all year-end Festive celebrations (parties) are cancelled for this year. Boo-ho!

I guess something had to be done - but does start making us all worry about the financial stability of the company - could this just be a phase-one and more culling is required in 2009! Lets hope not!


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