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AMEX to cut 5,400 jobs

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American Express has announced restructuring plans to streamline operations, which includes eliminating 5,400 jobs globally.

“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,” Kenneth I. Chenault, chairman and chief executive officer of American Express, said.

In a statement, the company said it will continue to maintain the right focus and resources on risk and control activities despite the leaner headcount.

“Maintaining our momentum in this environment will require us to evolve our business, embrace new technologies, become more efficient and generate resources to invest in the many growth opportunities we’ve identified,” Chenault said.

It will also be reengineering its Global Business Travel model to trim costs and invest in capabilities which will help it better align and consolidating similar functions to reduce duplicate efforts “wherever possible in order to drive efficiency”.

“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,” Chenault said.

American Express was not able to share any information with regards to how the restructuring will affect operations in ASEAN, but the press release stated “reductions will be spread proportionally between the US and international markets and will primarily involve positions that do not directly generate revenue”.

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