American Express plan to cut 5,400 jobs
10 January 2013
American Express has announced plans to cut 5,400 jobs from its workforce by 2013.
In its Q4 results, American Express revealed that it took almost $600million (£370m) in after-tax charges in the fourth quarter of 2012.
The company said that these charges would halve its profit for the quarter from $1.2bn to $637m.
American Express expects staffing levels by the year end 2013 to be 4-6% less than the total of 63,500.
While the job cuts will be across seniority levels, businesses and staff groups, American Express said that the largest reductions will be in the travel industry, which they said operates “in an industry that is being fundamentally reinvented as a result of the digital revolution.”
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