American Express to axe 5,400 jobs
January 11 , 2013
American Express announced plans on Friday to shed 5,400 jobs worldwide from its 63,500-strong workforce of by the end of this year.
The majority of the job losses will be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution".
The job losses are expected to be spread evenly between the U.S. and international markets.
The credit card provider also said it took nearly $600 million in after-tax charges in the fourth quarter of 2012.
It added that these charges would halve its net profit for the quarter from $1.2b billion to $637 million.
The charges include restructuring costs of $287 million related to redundancy payments, $212 million for Membership Rewards expenses and $95 million for card member reimbursements
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