American Express / 5,400 jobs to be cut

American Express Co. said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

The job cuts will be partly offset by jobs that the company expects to add this year.

American Express said the jobs eliminated will span employee seniority levels and divisions worldwide, but will primarily involve positions that do not directly generate revenue for the company.

All told, the company anticipates that staffing levels will end up between 4 and 6 percent lower this year than in 2012. The company currently has 63,500 employees.

“Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Expressmore nimble, more efficient and more effective in using our resources to drive growth,” said CEO Kenneth Chenault.

Choosen excerpts by Job Market Monitor from

via American Express to slash 5,400 jobs – CSMonitor.com.