NEW YORK -- American Express' full-year earnings report revealed
how difficult 2002 was for business travel.
The company took in $1.41 billion in travel commissions and
fees, an 8% decrease from 2001, when American Express' commission
and fee revenue was $1.54 billion.
The year's dip in commissions and fees came despite fourth
quarter 2002 improvement: revenue from commissions and fees
increased 10% from $334 million in fourth-quarter 2001 to $369
million in fourth-quarter 2002.
Net income in the fourth quarter for American Express Travel
Related Services (which includes the credit-card business) more
than tripled year over year, from $170 million to $550 million.
Amexco cut expenses -- including a 7% trim related to employees
-- to help achieve the profit mark.
Net income for the full year 2002 was $2.7 billion.