OAG Travel News

American Express is cutting around 4,000 jobs as part of a worldwide cost cutting drive.

A spokeswoman would not confirm how many jobs in the UK will be affected.

The company has already announced 7,000 job cuts last October in a bid to save £521.6 million this year.

It has also frozen recruitment and management salary increases, and is cutting expenses for "consulting and other professional services, travel, and general overhead".

Amex reported a 58% drop in income for the first quarter of 2009, falling from $1 billion to $443 million.

Its commercial division, which includes its business travel and corporate card business, saw income drop by 43% from $151 million to $86 million.

Source: www.travelmole.com report By Bev Fearis