American Express to cut 4,000 jobs
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.