American Express Co., the lender that plans to cut 5,400 jobs this year, said profit at its U.S. card business declined 42 percent in the fourth quarter as the firm set aside more money to cover soured loans.

Net income in the segment was $423 million, down from $727 million a year earlier, New York-based Amex said today in a statement. The company reported the staff cuts and preliminary results, including a 47 percent profit decline and $594 million in after-tax charges, on Jan. 10.

Limited Time Offer

Save over $700 on your subscription. Special offer expires April 30, 2017.

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry