AmEx cutting 5,400 jobs

American Express announced it will  lay off 5,400 employees, or about 5 percent of its workforce.

The New York-based company, which will be hiring to offset some cuts, is cutting in all levels, groups and locations, including the U.S. and overseas.

Most of the cuts will be in the Global Business Travel unit which will be restructured to reflect the popularity of doing business online.

The layoffs will coat the company $400 million at the same time it’s shelling out $342 million to a cardmember rewards program, and $153 million to reimburse customers for fees.