By Daniel Hunter
Credit card provider American Express have confirmed plans to cut 5,400 jobs worldwide.
The plans will see their workforce of 63,500 trimmed back by the end of 2013, after its net profits were halved in the final quarter of 2012.
The credit card provider said it took almost $600m (£370m) in after-tax charges in the fourth quarter of 2012. the company said that these charges would halve its net profit for the quarter from $1.2bn to $637m.
It said the majority of the job losses would be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution".
"Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth," said chief executive Kenneth Chenault.
"For the next two years, our aim is to hold annual operating expense increases to less than 3%. The overall restructuring programme will put us in a better position as we seek to deliver strong results for shareholders and to maintain marketing and promotion investments at about 9% of revenues."
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