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Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: Kelvin Taylor who wrote (17246)12/12/2001 8:56:42 AM
From: Bocor  Respond to of 19633
 
American Express to Take Fourth Quarter Restructuring Charge of $240 to $280 Million and Eliminate 5,500 to 6,500 Jobs
Quarterly Earnings Expected to Be $0.34 to $0.36 Per Share - Approximately The Low End of Wall Street Estimates
NEW YORK, Dec. 12 /PRNewswire/ -- American Express Company (NYSE: AXP - news) said today that it expects to recognize a fourth quarter restructuring charge of approximately $240 to $280 million pre-tax (approximately $150 to $180 million after-tax). The charge would primarily cover severance and the related expenses of eliminating approximately 5,500 to 6,500 jobs, as well as the cost of consolidating real estate facilities to reflect the reduced staffing levels.

The staff reductions are taking place primarily in the travel businesses and reflect the sharp slowdown in that sector since September 11. Approximately half of the staff affected by these reductions have already been notified. The remaining notifications will take place during 2002.

Kenneth I. Chenault, chairman and chief executive officer, said: ``The environment since September 11th has underscored the need for us to create greater flexibility in our cost structure so we can be more adaptable to a period of economic uncertainty. We have already made substantial progress on this initiative. The additional steps we are announcing today will help us to generate good returns in a slower growth economy and put us in a strong position to capitalize on even a mild recovery.''



To: Kelvin Taylor who wrote (17246)12/12/2001 9:09:20 AM
From: Bill Cotter  Read Replies (2) | Respond to of 19633
 
Hi Kelvin; As I explained in my note, that URL doesn't work unless you have been previously registered. If you are at work, have somebody else try it and you will see what I mean. You need to come in at a higher level to register. What is the category of the club?


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