American Express says it plans to cut 5,400 jobs after fourth-quarter drop

Layoffs mainly in company's travel business

NEW YORK - American Express Co. says it will slash roughly 5,400 jobs, mainly in its travel business, and book a $287 million restructuring charge.

As a result, the credit card company projects that it will report a decline in 46 percent drop in fourth-quarter in adjusted net income from a year ago.

On Thursday American Express said its fourth-quarter earnings will amount to $637 million or 56 cents per share, reflecting charges for restructuring, Membership Rewards expenses and cardmember reimbursements. Excluding one-time items, the company expects earnings of $1.2 billion or $1.09 per share.

Analysts surveyed by FactSet expected $1.06 per share.

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