Competition is growing and to survive in the competitive market American Express is restructuring its management. On Wednesday, American Express, the credit-card issuer announced its plans of job cuts, reduction in cost and restructuring in its management. The company plans to trim $1 billion in costs in the coming two years.
Following the news, on Wednesday, American Express shares scaled 43 cents, or 0.8 percent, to $53.61. In the last one year, shares have lost almost one third of their value.