Business

American Express to Cut More Than 4,000 Jobs

A sign for American Express hangs outside a New York business, Wednesday, Jan. 21, 2015. American Express reports quarterly financial results after the market closes on Wednesday. (AP Photo/Mark Lennihan)
A sign for American Express hangs outside a New York business, Wednesday, Jan. 21, 2015. American Express reports quarterly financial results after the market closes on Wednesday. (AP Photo/Mark Lennihan)

KEN SWEET, AP Business Writer

NEW YORK (AP) — American Express said Wednesday it plans to cut more than 4,000 jobs this year, about 6 percent of its total workforce.

The New York-based charge card company said the cuts are part of a companywide efficiency drive. The announcement came as it reported an 11 percent rise in fourth-quarter profit.

The cuts will span the company’s U.S. and international operations and will take place over the course of the year, American Express spokeswoman Marina Norville said.

The company will take a $313 million pre-tax charge in the fourth quarter, partly as a result of the cuts. In a conference call with investors, American Express Chief Financial Officer Jeffrey Campbell said some of the job cuts will be offset by hiring in other parts of the company.

American Express last did mass job cuts in 2013, when it cut 5,400 jobs, mostly in its travel business.

American Express said it earned $1.45 billion, or $1.39 per share, in the three-month period that ended Dec. 31. That compares with a profit of $1.31 billion, or $1.21 a share, in the same period a year ago. Revenue net of interest expense was $9.11 billion, compared with $8.55 billion a year ago.

For the full year, American Express’ profits rose 10 percent to $5.89 billion, or $5.56 per share.

American Express shares fell 2 percent to $85.90 in after-market trading.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker