FILE – In this July 27, 2007, file photo, signs for American Express, Master Card and Visa credit cards are shown on a New York store’s door. American Express says its net income fell 47 percent in the fourth quarter of 2013, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses. (AP Photo/Mark Lennihan, File)
American Express on Thursday said its fourth-quarter net income fell 47 percent, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses. But adjusted results beat Wall Street expectations.
The New York-based company had previously alerted investors that its earnings would be taking a hit in the October-December period as a result of booking roughly $594 million in after-tax charges.
The biggest portion of the costs pertains to a restructuring plan that involves cutting some 5,400 jobs, mostly from the company’s travel business. The strategy aims to reduce costs and put the company in better position to cater to customers increasingly turning to online and Login to read more