NEW YORK, Jan. 21 (UPI) -- American Express plans to cut more than 4,000 jobs in 2015 despite strong earnings in fourth-quarter 2014.
A person familiar with the move on Wednesday told Bloomberg the job cuts were part of a company restructuring. A source told CNBC that 4,000 is a gross figure, meaning there could be additional hirings and firings within parts of the company.
The news comes on the same day the credit card company released its 2014 fourth-quarter earnings report.
The company had an earnings per share of $1.39, up from $1.21 one year ago. Revenue for the quarter was $9.1 billion, up from $8.5 billion the same time last year.
"Solid results this quarter reflected the underlying themes that have characterized our performance throughout 2014: higher card member spending, increased loan balances, tight control of operating expenses and a substantial return of capital to shareholders through share repurchases," Ken Chenault, chairman and chief executive officer, said in a release.
