American Express is consolidating facilities and eliminating 550 jobs across the company. The firm will close its facility in Greensboro, North Carolina, and transfer the work to other sites in the United States.

The company expects to save approximately $70 million a year beginning in 2012 due to the consolidation, as well as other reengineering initiatives. American Express will reinvest the savings into new servicing and other programs to build the business.

The consolidation is a result of a drop in service volumes and the shift of routine transactions to online and mobile conduits. American Express has responded to this decline by leaving positions vacant when employees have left.