American Express said it plans to cut more than 4,000 jobs over the next year.

A representative for the company told CNBC that it is planning to cut the jobs, but that this is only a gross figure, and that the firm will also continue to hire selectively in parts of the organization. Additionally, American Express reported quarterly earnings that slightly beat analysts’ expectations on Wednesday, and CEO Ken Chenault said in a release that “tight controls on the cost side of the ledger” had benefited the company.

The company posted fourth-quarter earnings per share of $1.39 per share, compared to $1.21 a share in the year-earlier period.

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