Millennium Post

American Express decides to sack 4,000 employees

American Express Co. has said it planned to cut its workforce by 4,000 jobs to reduce costs. Marina Hoffman Norville, a spokeswoman for the US banking group and a leading issuer of credit cards, said it was taking a $313 mn charge in its fourth-quarter accounts to cover the severance costs of the layoffs, which amount to about six per cent of its global staff.

The company reported a 15 per cent increase in earnings per share, to $1.39, in its fourth quarter, on a seven per cent rise in total revenues to $9.1 billion.

“Solid results this quarter reflected the underlying themes that have characterised our performance throughout 2014, higher card member spending, increased loan balances, tight control of operating expenses and a substantial return of capital to shareholders through share repurchases,” said Kenneth Chenault, chairman and chief executive.
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