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.
April 3, 2001 |
American Express Co. provided more evidence Monday that blue-chip stocks aren't immune from the profit warnings that have jolted Wall Street this year. The financial services giant said it expects to report lower first-quarter earnings because of widening losses from junk bond holdings.
January 23, 2001 |
American Express Co.'s fourth-quarter profit rose 12%, as its cardholders borrowed more money. But the stock fell 7.5% Monday, its biggest one-day decline since April after the company said it expected profit growth to slow this year. Net income rose to $677 million, or 50 cents a share, from $606 million, or a split-adjusted 44 cents, in the fourth quarter of 1999. The shares fell $3.63 to close at $45 on the New York Stock Exchange.
CALIFORNIA | LOCAL
January 12, 2001 |
American Express has given the Orange County Performing Arts Center $100,000 to upgrade its Web site, http://www.ocpac.org. Center officials will plan improvements, then hire an expert to implement them, said Todd Bentjen, vice president of marketing and communications. "Hopefully we'll have a big roll-out when the new site is ready," he said.
November 18, 2000 |
American Express Co. said Chief Executive Harvey Golub will step down at year's end, four months sooner than expected. Golub, 61, will hand the reins over to his heir apparent Kenneth I. Chenault and will stay as chairman until April, when he plans to retire. Chenault, 49, joined American Express in 1981 and has been president and chief operating officer since 1997.
November 8, 2000 |
Visa International Corp. sued American Express Co., claiming the credit card rival is deceptively promoting itself as a sponsor of the upcoming holiday movie "How the Grinch Stole Christmas." Visa said American Express launched an "unjustified and deceptive 'ambush' marketing campaign" aimed at misleading consumers. The campaign includes direct mailings to American Express cardholders that prominently feature the Grinch character, Visa said.
October 31, 2000 |
In a sweeping tax-evasion probe, the IRS was granted access to thousands of MasterCard and American Express credit card accounts held by U.S. taxpayers in three offshore banking havens. U.S. District Judge Adalberto Jordan agreed with the IRS that cardholders may have violated U.S. tax laws and that their identities are not readily available from other sources.
August 23, 2000 |
Shares of Ameritrade Holding Corp. (AMTD) rallied Tuesday amid talk of a possible sale of the No. 5 U.S. Internet brokerage. "We hear that there's a rumor of a potential acquisition by American Express [AXP]," said Robertson Stephens analyst Scott Appleby. Officials from Ameritrade were not immediately available for comment, and a spokeswoman for American Express Co., which already has an online brokerage operation, said the company does not comment on market speculation or rumors.