Restructuring: American Express to cut 4k jobs

New York, May 19: As part of its 800-million-dollar restructuring of its global operations, American Express (AmEx) has announced that there will be some 4,000 jobs slashed worldwide.

The job cuts will account to about six percent of the American credit card giant's current worldwide workforce. In the same endeavor to restructure the company plans to scale back investments and slash operating costs.

AmEx has said that the job cuts will go into effect this year. This reportedly will help them save up to 175 million dollars and an additional 500 million dollars by reducing investments on marketing and business development.

Chief executive Kenneth Chenualt said that the another 125 dollars would be saved by cutting operational costs.

"While we have remained solidly profitable at a time when some parts of the card industry were incurring substantial losses, we continue to be very cautious about the economic outlook," Chenualt said.

OneIndia News