American Express CEO says AML deficiency 'should not have occurred', to cut 5% of jobs (~3,500 employees)

American Express CEO Steve Squeri said the anti-money-laundering deficiency cited in the OCC's consent order should not have occurred and that the company is accountable for addressing it thoroughly. He said the orders do not impose an asset cap, and that the company will cut 5% of total jobs, about 3,500 employees.

Detected & updated continuously · Source: Nebula