American Express has revealed plans to axe 7,000 jobs, or 10% of its worldwide work force.
The losses are part of the company's fourth quarter "reengineering plan" announced in July this year, expected to save $1.8bn (£1.1bn) in estimated spending for 2009.
"We've been engaged for the past few months in an intensive, companywide review of priorities and staffing levels," Kenneth Chenault, chairman and ceo of Amex, said.
It is not yet known what effect the cut will have on the European workforce.
"Worldwide we're looking at 10%. That doesn't necessarily mean that in each region, or country, there will be a 10% loss.
"However what we are looking at is obviously more of the non-customer facing staff essentially," Suzanne Withers, Amex's director public affairs and communications EMEA, said.
"It's a phased approach that we're going through so it's going to happen over the next few months into 2009, when the costs benefits and effects will be realised."
Staff cuts will be felt most in groups "focusing on management and other positions that do not interact directly with customers," saving Amex an estimated $700m (£433m).
Further savings of $1.13bn (£698m) include suspension of management salary increases; a hiring freeze for open positions; and a reduction in consultation, overheads, travel and entertainment expenses.
Ms Withers added: "In terms of our travel costs, obviously being a travel management company as well we've always got a keen eye on what our own costs basis looks like.
"Much of the client-customer facing travel will still be able to take place."
Investment spending on technology, marketing and business development will also be scaled back.
Mr Chenault said: "The reengineering programme we announced today will help us to manage through one of the most challenging economic environments we've seen in many decades."
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