American Express has reported financial results for the fourth quarter 2012, including net income of $637 million, down 47% from $1.2 billion a year ago. Net income from the quarter included the restructuring charge, rewards expense and cardmember reimbursements that were previously announced.
“With higher fourth quarter revenues and cardmember spending, we ended 2012 in strong shape,” said Kenneth I. Chenault, chairman and chief executive officer. “Against the backdrop of an uneven economy, we capitalized on opportunities and continued to stay ahead of the trends that are reshaping our industry."
AmEx announced earlier that it would be eliminating 5,400 jobs, mainly from its travel business unit.