MANHATTAN, NY -- American Express is cutting approximately 5,400 jobs.
The company made the announcement Friday and says the cuts will mainly occur in its travel business.
The company says it is seeking to cut costs and transform its operations as more of its customers are using online services for booking vacations.
However, American Express says the job cuts will be partly offset by jobs it expects to add this year.
The company expects that staffing levels will be between four and six percent lower this year compared to 2012.