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AmEx restructuring means layoffs

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AmEx restructuring means layoffs
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Credit card company American Express is to cut about 5,400 jobs – that is around 8.5 percent of its workforce.

The layoffs are part of restructuring to save money and adapt to the fact that people are increasingly making bookings online or with mobile phones instead of through travel agents.

AmEx said spending with its cards continues to grow, and it plans to hires some new employees and invests in more online services.

The company said the job cuts will happen over the year. The current workforce of 63,500 people will be about four to six percent smaller by the end of 2013.

The job reductions would be spread proportionately between the US and international markets, New York-based AmEx said.