American Express has announced plans to cut more than 5,000 jobs worldwide by the end of 2013.
The credit card provider says it took more than $500 million in after-tax charges in the fourth quarter of 2012 to cover the one-off cost of the lay-offs.
The company says the charges will halve its net profit for the quarter.
It says the majority of the job losses will be in its travel business, which is being fundamentally reinvented as a result of the digital revolution.
American Express says it has to adapt parts of the business as more customers make payments online or via mobile.