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October 05, 1994|From Times Staff and Wire Reports

American Express Will Reportedly Cut Thousands of Jobs: The financial services company is beefing up a two-year cost-cutting effort with a plan to eliminate more than 4,000 jobs and slash $500 million in expenses, analysts and sources close to the company said. The goal is to merge many of the company's global operations amid growing competition in the $635-billion credit card industry. American Express recently launched a new credit card and pledged to introduce more products in coming years to boost market share. The company could announce the cuts by the end of the week, a source said, adding that the changes are a continuation of a 1992 effort to cut $1 billion in operating costs. An American Express spokesman said no decisions had been made.

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