BANKTHINK

Amex's Ax, Qualified Mortgage Misery, the Fed's Fuzzy Crystal Ball

Receiving Wide Coverage ...

Amex Swings the Ax: The tectonic shifts that are reshaping finance struck American Express (AXP) late Thursday when it released its fourth quarter earnings ahead of schedule, along with the bombshell that it's planning to eliminate 5,400 jobs, or 8.5% of its staff. The Wall Street Journal describes the job cuts as Amex's biggest retrenchment in a decade. Most of the reductions will involve the New York-based company's (sorry, Mayor Bloomberg) travel…

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