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