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American Express to ax 5,400 jobs

Jan. 10, 2013 at 7:05 PM

NEW YORK, Jan. 10 (UPI) -- U.S. financial giant American Express Co. said Thursday it would cut 5,400 jobs in an effort to reduce costs.

The move would bring the firm's total payroll down by 8.5 percent, The Wall Street Journal reported.

The company broke the news in its fourth-quarter corporate report in which it said it had taken a $400 million charge for the restructuring.

The company also said it earned a profit of 56 cents per share or $637 million in the fourth quarter. Profits would have reached $1.09 per share or $1.2 billion if not for the restructuring charge and other one-time expenses, the Journal said.

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