The Big Apple will escape the hefty round of layoffs planned by American Express over the next 12 months.
The New York-based credit-card issuer, which has about 6.3 percent of its work force in the New York area, is planning to hand out pink slips to some 5,400 staffers, or 4 to 6 percent of its staff, the company announced yesterday during a call to discuss its year-end results.
Kenneth Chenault, the AmEx chief executive, said the company needs to better manage its expenses as profits have fallen.
AmEx reported fourth-quarter profits fell by nearly 47 percent, including one-time charges, to $637 million, from $1.19 billion a year ago.
The cuts are slated to take place primarily in its travel business area, which is located overseas and in other, smaller markets.
An AmEx spokesman declined to provide details on the layoffs.
AmEx shares closed regular trading up 0.9 percent, to $60.79, but slipped 0.6 percent in after-hours trading when the results were announced.