American Express to cut more than 4,000 jobs: CNBC

[NEW YORK] American Express Co plans to cut more than 4,000 jobs over the next year, CNBC reported on Wednesday, citing an unnamed company representative.

American Express, which reported fourth-quarter results, was not immediately available for comment when contacted by Reuters.

CNBC reported that the 4,000 planned job cuts was a "gross figure" and that the company would hire selectively.

American Express reported a 10.7 per cent rise in fourth-quarter profit as customers in the United States spent more using its cards. The company earned higher net interest income.

Net income rose to US$1.45 billion, or US$1.39 per share, for the fourth quarter ended Dec 31, from US$1.31 billion, or US$1.21 per share, a year earlier.

Total revenue, net of interest expense, rose 6.6 per cent to US$9.11 billion.

The results included a pre-tax gain of US$719 million on the sale of the company's investment in expense-software maker Concur Technologies Inc, which Germany's SAP SE agreed to buy for about US$7.3 billion in September.

Shares of American Express shares closed at US$87.67 on Wednesday on the New York Stock Exchange.

REUTERS