Friday, May 25, 2018
Business

American Express to lay off 124 in downtown St. Petersburg in February

American Express will lay off more than 100 people from its downtown St. Petersburg office next year, the company told state regulators Friday.

The credit card company isn't closing its office on Central Avenue, but on Feb. 19, it will cut 124 jobs there, telling the Department of Economic Opportunity it was "a permanent reduction in force." The positions cut include programmers, project managers and software specialists.

American Express didn't immediately return a request for comment Friday.

The company bought Revolution Money, a St. Petersburg startup, for $300 million in 2009, and the technology it developed led to a prepaid card service called Serve two years later. An executive told Bloomberg News at the time that the software marked "a large cultural shift happening at American Express."

But earlier this year, the company announced that it was planning to cut 4,000 jobs, about 6 percent of its total workforce, the Wall Street Journal reported in January.

The company has struggled to keep up with its growth goals, the Journal reported at the time. American Express said in October that its third-quarter profits fell 14 percent to $1.3 billion as revenue slumped and expenses grew.

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