American Express Business Finance Layoffs

“AMEX Business Finance announces the layoff of over 20 of the remaining 30

employees within Diversified Finance (Formerly First Sierra)  Brad Alexander

(known for his outrageous and very humorous adult entertainment antics in Houston upon his arrival) is also given notice of termination for his alleged lack of understanding and leadership of the business unit, “according to a highly reliable source.

“Tom Strain and Dan Dengate the last remaining managers have been terminated

as of December 13th.   They may reapply for new positions but highly

unlikely they will be redeployed.  AMEX Business Finance reported a dismal

$12,000,000 in small ticket originations in October down from a high of

$83,000,000 in October 1999.  

“Mike Sheehan (sp)(Formerly from Rockford Industries) and Rich Tambour

(sp)(From American Express Corporate have appointed Rick Andersen (Formerly

from The Republic Group) as temporary Sr. VP. to help mastermind the

consolidation and realignment of the business unit to a National Vender

focus. 

“Rumor to close all remaining (First Sierra Locations) is being discussed.

Third Quarter leasing operation reported to have a $26,000,000 loss

concentrated within the Private Label group built by the infamous Thomas

Depping.”

“Please do not disclose my identity. “ 

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“Ric Andersen is very nervous because he is going to be in charge. He is very nervous that this may negatively impact his career. 

“They also released the new comp. Plan today and it's all geared towards

major vender programs. 

“The expected quota is $5,000,000 per Rep. per year.  They will receive 1.5% of Equipment cost including their cell phone, car allowance and, draw, and salary.  This means if they hit quota they will earn $75,000 and have to pay all their own expenses.  Most of these guys are used to $125,000-$250,000 per year.  They will not be able to make the adjustment.”

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Story originally released on 11/13/02