LOS ANGELES -- American Express Co. said Thursday that it will slash roughly 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, however.
All told, American Express anticipates that staffing levels will end up being between 4 percent 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 Express more nimble, more efficient and more effective in using our resources to drive growth," CEO Kenneth Chenault.
Shares slipped 14 cents to $60.65 in after-hours trading. Shares ended regular trading up 53 cents at $60.79.