AmEx Drops as Profit Misses Estimates, Chenault Cuts 4,000 Jobs
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American Express Co. fell the most in the Dow Jones Industrial Average after reporting a fourth-quarter profit that missed some analysts’ estimates and saying it would cut more than 4,000 jobs this year.
The lender’s shares fell 4.4 percent to $83.86 at 10:12 a.m. Thursday in New York, the biggest intraday decline since October. Discover Financial Services, which also missed estimates, tumbled 7.7 percent, the worst performance in the 85-company Standard & Poor’s 500 Financials Index and the largest drop since August 2011.