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.
October 29, 2002 |
American Express Co. said profit more than doubled from last year's third quarter when the Sept. 11 terrorist attacks cut consumer spending and travel. The credit card issuer said net income climbed to $687 million, or 52 cents a share, from $298 million, or 22 cents, from the year-earlier period. The results beat the 51-cent average forecast of analysts polled by Thomson First Call. Shares of New York-based American Express rose $1.12, or 3.4%, to $34.25 on the New York Stock Exchange.
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.
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.
October 23, 2001 |
American Express Co. said Monday that third-quarter profit dropped 60%, hammered in part by the effects of the Sept. 11 attacks. Americans canceled vacations and avoided stores and restaurants, eroding American Express' revenue from charge cards and travel services in an already weak economy. The New York-based company, known for its signature green charge cards, warned of a profit shortfall in September, after companies shelved business trips.
July 19, 2001 |
American Express Co. said Wednesday that it will eliminate 4,000 to 5,000 jobs and take an $826-million pretax charge as junk bond losses reduced profit at the credit card company for a third consecutive quarter. American Express, whose stock is the worst performer in the Dow Jones industrial average this year, also will take a third-quarter charge of $310 million to $370 million to cover expenses related to the job cuts.
June 11, 2001 |
Wall Street firm Morgan Stanley Dean Witter & Co. has approached financial services firm American Express Co. about a possible merger, according to people with knowledge of the talks, Barron's said Sunday. "On-again, off-again discussions have been held over the past year, and while nothing appears imminent, it is understood that the talks were partly behind the abrupt departure of [Morgan Stanley] President John Mack earlier this year," the magazine said.