American Express to cut 5,400 jobs, log charges

American Express Co. announced several hundred million dollars of charges related to cost-cutting measures as it plans to eliminate 5,400 jobs in a move that will reduce its current headcount by 8.5%
The planned layoffs resulted in a $400 million restructuring charge in the fourth quarter, the New York-based credit-card company said in a surprise earnings announcement
It also said it would record $342 million in expenses related to its cardholder rewards program, and refund $153 million to cardholders related to past customer transactions
The moves resulted in a profit of $637 million, or 56 cents per share, in the fourth quarter
Excluding the charges, the company would have posted a profit of $1.2 billion, or $1.09 per share
Analysts polled by Thomson Reuters were expecting earnings of $1.06 per share