American Express announced it will be temporarily suspending its buyback program after the recent tax overhaul.

In the company's earnings release Thursday, CEO Ken Chenault said AmEx will suspend its buyback program for the first half of the year. The CEO said the company made this decision to rebuild its capital because of the upfront charge triggered by the new tax law.

Including the impact from the recent tax legislation, American Express reported a net loss of $1.2 billion or $1.41 per share in the fourth quarter. In the year-ago quarter, the company reported a net income of $825 million or 88 cents per share.