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American Express Tumbles Most Since 2009 After Profit Falls 38%

  • CEO says performance not what he's accustomed to seeing
  • He outlines plans for restructuring, $1 billion in cost cuts
Bloomberg business news

What's Causing American Express to Fall Most Since 2009?

Updated on

American Express Co. fell the most in almost seven years after fourth-quarter profit declined 38 percent, driven by a drop in revenue and higher expenses.

AmEx tumbled 12 percent to close at $55.06 in New York, the biggest one-day drop since April 2009 and the worst performance in the Dow Jones Industrial Average, which gained 1.3 percent. Shares of the lender have fallen 21 percent this year, after declining 25 percent in 2015.