American Express says it plans to cut 5,400 jobs after fourth-quarter drop
Layoffs mainly in company's travel business
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Posted: 01/10/2013
Last Updated:
159 days ago
NEW YORK - American Express Co. says it will slash roughly 5,400 jobs, mainly in its travel business, and book a $287 million restructuring charge.
As a result, the credit card company projects that it will report a decline in 46 percent drop in fourth-quarter in adjusted net income from a year ago.
On Thursday American Express said its fourth-quarter earnings will amount to $637 million or 56 cents per share, reflecting charges for restructuring, Membership Rewards expenses and cardmember reimbursements. Excluding one-time items, the company expects earnings of $1.2 billion or $1.09 per share.
Analysts surveyed by FactSet expected $1.06 per share.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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