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American Express posts gains in Q4

January 23, 2012

One of the largest credit card firms in the country made headlines recently after it announced positive earnings during the fourth quarter of 2011.

One of the largest credit card firms in the country made headlines recently after it announced positive earnings during the fourth quarter of 2011.

American Express said in a statement that profits had increased 12 percent during the last portion of the year, as people continued to spend more with credit. Despite the fact that millions are out of work and the economy has yet to make a full recovery, the firm saw better results.

The head of the major card company said he was pleased with the positive numbers.

“Cardmembers spent a record amount on their American Express cards, continuing a trend that has translated into overall share gains during the last two years,” CEO Kenneth Chenault said in the statement. “The overall recovery in the U.S. remains uneven and the environment in Europe continues to pose challenges for the global economy.”

Amex made other news when it came to an agreement with Weight Watchers. The merchant services company said that it would be paying for employees to sign up for the service.

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