Belfast Telegraph

Wednesday 3 September 2014

American Express to cut 5,400 jobs

Credit card company American Express is to axe around 5,400 jobs, mainly in its travel business (AP)
Credit card company American Express is to axe around 5,400 jobs, mainly in its travel business

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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