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?All told, the company anticipates that staffing levels will end up between 4 and 6 percent lower this year than in 2012,Miu Miu Online,Miu Miu Online. The company currently has 63,500 employees.
"Against the backdrop of an uneven economic recovery, these restructuring initiatives are designed to make American Express more nimble, more efficient and more effective in using our resources to drive growth,Miu Miu Handbags," said CEO Kenneth Chenault,Miu Miu Purses.
Shares slipped 29 cents to $60.50 in after-hours trading. They ended regular trading up 53 cents at $60,Miu Miu Bags,Miu Miu Totes.79.
American Express said it will book an after-tax charge of $287 million due to the restructuring,Miu Miu Bags,Miu Miu Totes. It's also recording $212 million in expenses related to reward points for its cardholders and roughly $95 million in customer reimbursements and other costs,Miu Miu Online.
The combined charges will reduce American Express' fourth-quarter net income by 46 percent from a year earlier,Miu Miu Totes.
The company projects net income of $637 million,Miu Miu Handbags, or 56 cents per share, compared with net income of $1.2 billion, or $1,Miu Miu Bags.01 per share, in the same quarter of 2011,Miu Miu Online.
Excluding one-time items, fourth-quarter 2012 earnings amount to $1.2 billion, or $1,Miu Miu Handbags.09 per share, ahead of analysts' consensus forecast of $1.06 per share,Miu Miu Online, according to FactSet,Miu Miu Tote. |
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