“American Express Co. (AXP), the biggest U.S. credit-card issuer by customer spending, reported a first- quarter profit that exceeded analysts’ estimates as consumers boosted purchases.
Net income rose 1.9 percent to $1.28 billion, or $1.15 a share, from $1.26 billion, or $1.07, a year earlier, the New York-based lender said yesterday in a statement. The average estimate of 25 analysts surveyed by Bloomberg was $1.12.
Chairman and Chief Executive Officer Kenneth I. Chenault, 61, is cutting about 5,400 jobs this year to contain expenses as AmEx rolls out products such as a prepaid card sold by Wal-Mart Stores Inc. to broaden the lender’s client base beyond more affluent credit and charge-card customers….”
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