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American Express to cut 4,000 jobs

January 21, 2015, 10:33 PM UTC
Several American Express credit cards are pictured in New Yo
UNITED STATES - JULY 25: Several American Express credit cards are pictured in New York, Monday, July 25, 2005. American Express Co., the fourth-biggest U.S. credit-card issuer, said profit rose 16 percent to a record as it added new cardholders through partnerships with companies such as MBNA Corp. and customers traveled more. (Photo by Daniel Acker/Bloomberg via Getty Images)
Photograph by Daniel Acker — Bloomberg via Getty Images

American Express expects to cut 4,000 jobs in the coming months, according to CNBC, citing a company representative.

The reductions would represent around 7% of the credit card firm’s workforce of 63,000.

American Express shared the news as it reported fourth quarter earnings that showed rising expenses. The company’s shares (AXP) fell 2.3% in after-hours trading Wednesday.

In the earnings release, CEO Kenneth Chenault said that his company had “tight control of operating expenses.” The company will take a $313 million pretax charge in the fourth quarter for the restructuring.

In 2013, American Express said it would cut 5,400 jobs, which the Wall Street Journal called its most cut jobs in a decade.