Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

(AXP)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

American Express : Suspends a Director in Foreign-Exchange Pricing Probe

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/08/2019 | 11:20am EDT

By AnnaMaria Andriotis

American Express Co. suspended a director in its foreign-exchange department as part of its ongoing investigation into pricing practices in the division, according to people familiar with the matter.

Foreign-exchange employees were informed last month on a company call that the director, Taylor Simonin, was suspended, the people said. Mr. Simonin oversaw account development staff who help foreign-exchange salespeople and assist clients with currency conversions, they said.

Mr. Simonin didn't respond to requests for comment. A spokeswoman for AmEx said the company's investigation is ongoing.

In July, The Wall Street Journal, citing current and former employees, reported that AmEx's foreign-exchange international payments department routinely increased currency-conversion rates without notifying customers in order to boost revenue and employee commissions. The practice occurred until early 2018 and dated back to at least 2004, current and former employees told the Journal.

"Using our online portal, customers see our offered foreign exchange rates before they place an order," said AmEx's spokeswoman, Marina Norville. "They're given time to make a decision, which also gives them an opportunity to compare our offered all-in rates with the rates offered by other providers."

AmEx's foreign-exchange business, which largely serves small and midsize businesses, accounts for less than half of a percentage point of the company's total revenue.

In September, the Journal reported that the Federal Bureau of Investigation was investigating AmEx's foreign-exchange pricing practices to determine whether the company misrepresented pricing to clients in order to win their business. The Journal also reported that the Office of the Comptroller of the Currency also was looking into how AmEx disclosed pricing to customers.

AmEx disclosed in an October regulatory filing that it received investigative subpoenas from the civil and criminal divisions of the Justice Department and inquiries from the Federal Reserve, the Consumer Financial Protection Bureau, the OCC and the Federal Deposit Insurance Corporation.

In the filing, AmEx said it doesn't believe "this matter will have a material adverse impact on [its] operations or results."

Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com

This article is part of a news chaine.
Article 2 / 2
<< Preceding Next >>
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AMERICAN EXPRESS COMPANY
07/15AMERICAN EXPRESS CO : Regulation FD Disclosure (form 8-K)
AQ
07/15MARKET SNAPSHOT: Should Investors Prepare For A 'shock And Awe' Campaign From..
DJ
07/12AMERICAN EXPRESS : 20-month 0% extended settlement plan with Nations Trust Bank ..
AQ
07/03AMERICAN EXPRESS COMPANY : Ex-dividend day for
FA
06/28AMERICAN EXPRESS : John McEnroe Partners with American Express and Calm to Help ..
PU
06/26NASDAQ : Promotes Tal Cohen to Executive Vice President, North American Market S..
AQ
06/25NASDAQ : Promotes Tal Cohen to Executive Vice President, North American Market S..
AQ
06/25NASDAQ : Promotes Tal Cohen to Executive Vice President, North American Market S..
AQ
06/22AMERICAN EXPRESS : Finance leaders optimistic about Mideast growth
AQ
06/20AMERICAN EXPRESS : The Box Shop June 16 Food Market backed by American Express c..
AQ
More news
Financials (USD)
Sales 2019 43 576 M
EBIT 2019 12 502 M
Net income 2019 6 594 M
Debt 2019 -
Yield 2019 1,26%
P/E ratio 2019 16,2x
P/E ratio 2020 14,3x
Capi. / Sales2019 2,46x
Capi. / Sales2020 2,28x
Capitalization 107 B
Chart AMERICAN EXPRESS COMPANY
Duration : Period :
American Express Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMERICAN EXPRESS COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 129  $
Last Close Price 129  $
Spread / Highest target 12,8%
Spread / Average Target 0,33%
Spread / Lowest Target -16,0%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN EXPRESS COMPANY34.88%106 289
CAPITAL ONE FINANCIAL CORPORATION18.73%42 597
BAJAJ FINANCE28.99%29 178
DISCOVER FINANCIAL SERVICES37.39%26 089
SYNCHRONY FINANCIAL52.77%24 567
ORIX CORPORATION4.96%19 633