American Express Co., the biggest credit-card issuer by purchases, said fourth-quarter profit fell 38 percent as expenses rose and the company took a restructuring charge. The shares slid in extended trading.
Net income dropped to $899 million, or 89 cents a share, from $1.45 billion, or $1.39, a year earlier, the New York-based company said Thursday in a statement. Adjusted profit, which excludes a $335 million charge tied to its enterprise growth unit, was $1.23 billion, or $1.23 a share, beating the $1.12 average estimate of 30 analysts surveyed by Bloomberg.
Chief Executive Officer Ken Chenault, 64, is overhauling AmExs management and revamping its consumer businesses as the lender grapples with the loss of its biggest partner, Cost…
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