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2015.01.2200:54:49UTC+00American Express to cut more than 4,000 jobs

An executive said American Express Co will cut more than 4,000 jobs this year after the company also reported higher quarterly expenses and provisions for bad loans.

The planned redundancies, from a workforce of nearly 63,000, contributed to a $313 million pre-tax restructuring charge taken by the world's largest credit card issuer during the fourth quarter.

The company's shares fell 2.3 percent to $85.62 after the bell.

The credit card company’s expenses rose 3.5 percent to $3.60 billion in the fourth quarter, driven mainly by marketing costs and salaries.

Total provisions for loan losses increased 21.5 percent to $582 million.

Shares of American Express shares closed at $87.67 on the New York Stock Exchange on Wednesday. 

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