American Express to Slash 5,400 Jobs
Mostly in its travel business
American Express 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 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.
