Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



American Express to Cut 5,400 Jobs

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

American Express (NYSE: AXP  ) is to cut thousands of jobs, the company announced in an official release giving some 4Q results. The headcount reduction is part of a restructuring effort that will claim around 5,400 positions. Most of these will be in the firm's travel business, the firm added. At the moment, American Express has approximately 63,500 employees, so the cuts are about 8.5% of that total.

For the company's 4Q, revenues net of interest expense were $8.1 billion, while net income came in at $637 million ($0.56 per share). The latter was greatly affected by one-time expenses, including restructuring charges of $400 million related to the job cuts. Net income in 4Q 2011 totaled $1.2 billion ($1.01 EPS) on $7.7 billion in revenues.

American Express will release a fuller set of its 4Q financials, plus fiscal 2012 results, on Jan. 17.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2190564, ~/Articles/ArticleHandler.aspx, 10/1/2016 5:10:42 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 19 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 4:00 PM
AXP $64.04 Up +0.67 +1.06%
American Express CAPS Rating: ****