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American Express posts $1.2B loss due to new tax law

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    American Express credit cards in North Andover, Mass.

NEW YORK >> Credit card company American Express is reporting it lost $1.2 billion in the fourth quarter, as the company booked large one-time charges related to the new tax law.

On a per-share basis, American Express said it lost $1.41 a share, compared with a profit of $825 million, or 88 cents per share, in the same period a year earlier. Excluding the one-time charges, AmEx said it earned $1.58 a share.

American Express’s quarter booked a $2.6 billion charge against its results. Some of the charges were tied to AmEx’s deferred tax assets, or credits it could have used toward future tax bills, which it had to write down. The company also had profits it had earned abroad, and was bringing them back to the U.S. at a special tax rate.

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