American Express Co.: The New York conglomerate...
From Times Staff and Wire Reports
American Express Co.: The New York conglomerate reported a first-quarter loss of $620 million, contrasted with profit of $252 million a year earlier. Revenue held steady at $5.9 billion. The firm, which provides financial services, credit cards and travel services, attributed the results to losses at its Shearson Lehman Hutton Inc. brokerage unit, which lost $915 million in the period. The Shearson loss, which had been expected, was partly attributed to a $630-million charge to pay for a restructuring that included thousands of layoffs and the elimination or reduction of several businesses.
