Vladimír Urbánek (Kurzy.cz)
World markets  |  January 11, 2013 13:30:15

American Express profit in Q4 decreased by 47%, released 5400 employees

Leading U.S. and global publisher and provider of credit card loans, American Express, Q4 of last year, according to preliminary results recorded a significant drop from last year's net profit of 1.19 billion to 637 mill.USD. Excluding some one-off items profit fell by 47% to 594 mill.USD = $ 1.09 per share, beating by 3 cents the average market expectations.

Total revenue in Q4 grew by 5.2% to 8.14 mld.USD. Yearlong spending rose by 12% to 12 mld.USD. Year operating costs grew by 8.6%.

The company's management announced that in an effort to adapt to the trend of transition clients increasingly on electronic services it intends to lay off about 5,400 employees and 8.5% respectively of the current state. Most cancellations positions will involve travel services division.By the end of 2013, the total manpower fall by about 4-6%. Last company let in on a similar scale in the years 2008/2009, when the state fell by 7,000 or 4,000 seats.

Expenditures made by clients through credit cards issued in Q4 grew by 8%. The company wrote off in 2Q 2% loans.
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Zisk American Express ve 4Q poklesl o 47%, propustí 5400 zaměstnanců

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