American Express to cut 5,400 jobs

By WEEK Producer

American Express to cut 5,400 jobs

January 11, 2013 Updated Jan 11, 2013 at 3:30 PM CDT

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.

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