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AMERICAN EXPRESS COMPANY

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American Express : suspends a director in foreign-exchange pricing probe – WSJ

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01/08/2019 | 12:48pm EDT
FILE PHOTO: American Express logo and trading symbol are displayed on a screen at the NYSE in New York

(Reuters) - American Express Co suspended a director in its foreign-exchange department as part of an ongoing investigation into pricing practices in the division, the Wall Street Journal reported https://on.wsj.com/2CWMTuh on Tuesday, citing people familiar with the matter.

The department was informed about director Taylor Simonin's suspension last month on a company call, sources told the Journal.

The credit card issuer received subpoenas from the U.S. Department of Justice late October and is also being investigated by other federal agencies for pricing practices at its foreign exchange international payments (FXIP) unit.

The unit offers cross-border payments services mainly to small and middle market business customers in five countries, including the United States.

FXIP accounts for less than 1 percent of AmEx's total revenue and the company does not expect the investigation to hurt overall operations or results.

A spokesperson for AmEx declined to comment on the matter, saying "this is an ongoing review, we do not comment on any personnel issues, whether related to FXIP or not".

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Shinjini Ganguli)

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Financials ($)
Sales 2019 43 668 M
EBIT 2019 12 744 M
Net income 2019 6 821 M
Debt 2019 -
Yield 2019 1,47%
P/E ratio 2019 13,44
P/E ratio 2020 12,17
Capi. / Sales 2019 2,10x
Capi. / Sales 2020 1,96x
Capitalization 91 809 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 116 $
Spread / Average Target 5,7%
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
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