American Express' profits plummeted in the fourth quarter of 2012. In fact, in the period in question there was a 47% drop in profits to $637 millionThose. a 42% drop in its US division alone.
In recent days, the US credit card giant had announced the cut of 5.400 jobs, most of them in the travel services sector. On that occasion American Express had already anticipated how, due to extraordinary charges for 594 million dollars, the profits for the quarterly would be below standards.
In the fourth quarter, the company's revenue grew 5% year over year to $8,14 billion, while full-year 2012 earnings declined 9% to $4,48 billion.
