fffresh wrote:As much as their use of bailout money disappoints me, I don't think we can hold that against them as long as the remain true to the rest of their values. As you mentioned their competitors have access to the funds. It is a sellout but it may be a necessity in order to keep doing business as usual and continue to employ most of their employees.
How long have you been employed there? It doesn't hurt to put your resume out there but I wouldn't count out Amex quite yet as it will be extremely tough to find another job in the same sector. With the exception of the bailout funds have they remained loyal to their principles?
re: CEO compensation - Chenault should without a doubt forgo his $6,000,000 bonus this year. A bonus should be performance based and judging by their recent performance I do not see how he deserves a performance-based bonus right now.
I wouldn't hold their performance this year against leadership. There isn't much we can do when the market melts down and people stop paying their accounts. I think American Express is very well structured and has done a great job at positioning themselves to come out of this downturn stronger than they were before they went into it. If anything I think that Ken and his team deserve a bonus for all the stress they have gone through and the tough decisions they have had to make in an unprecedented economy. They are trying to steer a hundred and fifty + year old company through an economy that is chewing up and spitting out better men. It is definitely a time when they are earning their salaries, that's for sure.
My background is in the law, so I was thinking about going back in that direction. I don't need to work in finance to be happy.
I can move laterally right now and have job security. The one thing that people will always need is lawyers. Unless people suddenly stop getting arrested or falling down stairs then litigation is always going to exist.
I've only been with AMEX for less than ten years, so I'm not married to it yet.