One day after announcing plans to slash 10 percent of its global work force, American Express Co. painted a bleak outlook on Friday, saying it does not expect to meet its financial targets until economic conditions improve.

In its quarterly filing with the Securities and Exchange Commission, American Express said it expects write-offs in its credit card portfolio to continue to increase in the fourth quarter and into next year.

The New York-based credit card issuer has reported four straight quarters of profit declines as an increasing number of consumers struggle to pay off debt and reduce spending in the face of a worsening economic downturn.

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