American Express axes 4,000 jobs

American Express, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or six per cent of its workforce, as the weakened economy causes higher customer defaults. The cuts are part of the company's plan to save $800m (£521.5m) over the rest of 2009. They are in addition to 7,000 job cuts and an expected $1.8bn of savings from a restructuring it announced in October.