American Express buys local accounting firm

American Express Co., continuing a local buying spree, said Fridayit has acquired most assets of the Chicago-based accounting firmAltschuler, Melvoin and Glasser LLP.

Altschuler will be combined with the Chicago operations ofAmerican Express Tax and Business Services. With the acquisition,American Express becomes the sixth-largest accounting firm in theregion, said company spokesman Richard D'Ambrosio.

Together, the two operations employ about 700 people in theChicago area. D'Ambrosio said a few layoffs are expected, but hestressed that no accounting jobs will be eliminated.Terms of the sale were not disclosed. Altschuler is AmericanExpress' fourth major acquisition here in the last two years. Theothers were Checkers Simon & Rosner, Dennis Nelson & Co. Ltd. inRolling Meadows and Berger Goldstein & Co. in Deerfield.Part of Altschuler will continue as an independent firm thatprovides auditing services. D'Ambrosio said the unit was excludedfrom the acquisition because an Illinois law says auditing firms mostbe owned by certified public accountants.