American Express is undertaking a companywide reengineering through the remainder of 2009. The reengineering plan includes: a reduction of staffing levels, scaled back investment spending, and further cutbacks in operating costs. The company will eliminate approximately 4,000 jobs or about 6% of the company's current worldwide workforce. The reductions will occur across business units, markets and staff groups. It also plans to reduce investment spending on marketing and business development and cut expenses for consulting and other professional services, travel, and general overhead.