Financial service provider American Express is
laying off 5,400 workers due to a 47-per-cent drop in its
fourth-quarter net income, the company announced Thursday.
American Express, the largest credit-card issuer in the United States, said it will reduce its work force by 4 to 6 per cent in 2013 from its current 63,500.
"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 Kenneth Chenault, chairman and chief executive.
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