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American Express to cut 5,400 jobs

American Express is to axe around 5,400 jobs, mainly in its travel business, and book a 287 million US dollars (£179 million) restructuring charge.

As a result, the credit card company projects that it will report a 46% drop in the fourth quarter in adjusted net income compared with a year ago.

American Express said its fourth-quarter earnings will amount to 637 million US dollars (£397.1 million) or 56 cents (35p) per share, reflecting charges for restructuring, Membership Rewards expenses and card member reimbursements.

Excluding one-off items, the company expects earnings of 1.2 billion US dollars (£748 million) or 1.09 dollars (68p) per share.

Analysts surveyed by FactSet expected 1.06 dollars (66p) per share.

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From Belfast Telegraph