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American Express to cut 5,400 jobs, to cut staffing 4%-6% by end of 2013

The restructuring charge mentioned above will consist largely of severance payments related to the elimination of an estimated 5,400 jobs. Those reductions will be partly offset by jobs the company expects to add during the year. Overall staffing levels by year end 2013 are expected to be 4% to 6% less than the current total of 63,500.