American Express (AXP) has announced plans to layoff more than 4,00 employees.

The American Express layoffs will have the company cutting roughly 6% of its 63,000 workforce. It’s trying to cut costs with the layoffs to meet growth target expectations of 8%. In its recently released Q4 earnings report, the company noted a 3% increase in expenses, reports The Wall Street Journal.

The American Express layoffs are part of the company’s larger restructuring plan. The holidays saw less spending and cheaper gas prices are hurting the company as well. In the last two years, AXP has announced jobs cuts for 12,000 employees. However, the company has still kept anywhere from 61,000 to 63,500 employees since 2010, WSJ notes.

American Express isn’t the only company that has recently announced layoffs. Ebay (EBAY) also revealed that it plans to layoff employees and that its looking to sell or spinoff its Enterprise division.

AXP shares were down 2% as of Thursday afternoon.

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