Credit card giant to cut 5,400 jobs

Credit card provider American Express is reportedly to cut 5,400 jobs worldwide from its total workforce of 63,500 by the end of 2013.

The firm yesterday said it had been hit by around £370m in after-tax charges in the fourth quarter of 2012, resulting in its net profit being halved in the quarter.

It said the majority of the job losses would be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution".

American Express said it was having to adapt parts of the business as more customers make payments online or via mobile.