American Express to cut 5,400 jobs

American Express to cut 5,400 jobs Zeebiz Bureau

New Delhi: American Express Co which employs 63,500 people said that it would lay off 5,400 employees proportionately between the US and international markets, a news wire has reported.

The job cuts will be seen mainly in the company’s travel division, and would take about USD 600 million in after-tax charges in the fourth quarter, which will halve its net income for the period.

The company said some of the cuts would be offset by new hiring but expects to reduce its workforce 4 to 6 percent by the end of 2013.

"For the next two years, our aim is to hold annual operating expense increases to less than 3 percent," the news wire citing Chief Executive Kenneth Chenault said.

With Agency Inputs