Kenneth I. Chenault

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

Credit card company American Express posted a $1.2 billion loss in its latest quarter after booking large one-time charges related to the new tax law. The company also announced it would suspend its share buy-back program for six months to rebuild its capital following the charge.

American Express Co. said Thursday it lost $1.41 a share in the three months that ended Dec. 31, 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. Industry analysts had expected $1.54 a share on average, according to FactSet.

Like other banks, American Express had to take...