AmEx to cut 4,000 jobs in global restructuring

NEW YORK: US finance firm American Express announced on Monday that it was to shed some 4,000 jobs as part of an 800-million-dollar restructuring of its global operations.

The job cuts would lead to the elimination of about six percent of the company's current worldwide workforce, and the company also planned to scale back investments and slash operating costs.

The move comes after AmEx last month reported a 56 per cent drop in quarterly earnings from a year ago to 443 million dollars, or 31 cents per share, amid rising write-offs of credit card debt.