American Express Co (NYSE:AXP) posted its first quarterly loss in 26 years, due a $2.6 billion charge related to the U.S. tax law overhaul and the credit card issuer also said it would suspend its share buyback program for the first half of 2018.
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The company’s shares were down more than 2 percent in extended trading on Thursday.
The net loss attributable to common shareholders was $1.20 billion, or $1.41 per share, in the fourth quarter ended Dec. 31, compared with profit of $825 million, or 88 cents per share, a year earlier.
Excluding one-time items, AmEx earned $1.58 per share.
The tax-related charge lowered AmEx’s capital ratios and to rebuild that, the company said it would suspend share buybacks for the first half of 2018, but continue paying dividends.