March 28, 2003 |
American Express Co. expects to pay more than $15.9 million in a class-action lawsuit settlement over allegations it charged some card customers too much interest. American Express said a judge will consider final approval of the settlement in April in U.S. District Court in California, according to the New York-based company's 10-K filing with the Securities and Exchange Commission.
December 5, 2002 |
The NASD fined American Express Financial Advisors Inc. $350,000 Wednesday for violating rules regarding the sale of variable annuities and variable life insurance products. Some American Express representatives did not tell customers that variable annuities do not provide a tax advantage when purchased in plans that already qualify for tax deferral, such as individual retirement accounts, NASD said. As a result, recommendations made by some salespeople were unsuitable, NASD said.
August 13, 2002 |
J.P. Morgan Chase & Co., American Express Co., MetLife Inc. and Bank of America Corp. will begin expensing stock options next year, joining a growing list of financial institutions, insurance firms and manufacturers adopting the practice. The move at J.P. Morgan was outlined in a memorandum to the bank's employees from Chairman and Chief Executive William B. Harrison Jr. The memo was made public Monday by the bank.
March 26, 2002 |
American Express Co. agreed Monday to turn over to U.S. tax authorities information on offshore accounts held by Americans suspected of evading taxes, the second major card company to do so after MasterCard International Inc. As part of a widening investigation of tax evasion, the Justice Department asked a federal court in San Francisco to have Visa International Inc., the biggest international card brand, disclose offshore credit card accounts.
January 29, 2002 |
Travel and financial services company American Express Co. said fourth-quarter profit fell 56% as fewer people traveled by air after the Sept. 11 terrorist attacks. Net income dropped to $297 million, or 22 cents a share, from $677 million, or 50 cents. Revenue fell 3% to $5.87 billion. For the year, net income was $1.31 billion, a 53% decline from 2000 and its first drop since 1994.
December 13, 2001 |
American Express Co. said it will cut as many as 6,500 more jobs and take as much as $280million in charges because the aftershocks from the Sept. 11 attacks curbed corporate spending and travel. American Express, which makes money from helping companies with travel plans and issuing charge cards, has cut about 15% of its work force since the beginning of the year, when it had about 90,000 employees.