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American Express Reports Lower 4th Quarter Net Income

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NU Online News Service, Jan. 28, 3:15 p.m. – American Express Company, New York, is reporting $297 million in net income for the fourth quarter of 2001 on $5.9 billion in revenue, compared with $677 million in net income on $6.1 billion in revenue for the fourth quarter of 2000.

The income figure includes $98 million in costs resulting from the Sept. 11 attacks and $279 million in restructuring charges, the company says.

Net income at American Express Financial Advisors, the financial services unit, fell 33%, to $163 million.

American Express is planning for consumer spending, business travel and investment activity to remain weak for the first half of 2002, but it is seeing signs of improvement in volumes, according to Kenneth Chenault, the chairman.