Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

AmEx profit plunges 85%

share with twitter share with LinkedIn share with facebook
07/24/2020 | 11:27am EDT

American Express ads used to say you can't leave home without its cards, but now with people and their cards staying at home, customers spent a lot less. That helped drive down the credit card issuer's quarterly profit by 85%.

And it wasn't just consumers. Large companies cut spending on travel and entertainment, slamming AmEx, which is one of the largest corporate card issuers in the U.S.

In all, consumers and businesses cut spending on that category by 87% in the latest quarter.

As a result, AmEx's top line fell 29%. That was deeper than analysts had expected.

The company also nearly doubled its loss provisions to $1.6 billion, building up its reserves in anticipation of a spike in defaults. JPMorgan Chase and Citigroup have created about $18 billion in provisions for potential credit losses.


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -0.63% 90.47 Delayed Quote.-26.85%
JPMORGAN CHASE & CO. -0.10% 97.185 Delayed Quote.-30.29%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
12:38pNet-zero emissions pledges by china, japan and south korea are "extremely important" signs of leadership on climate change - un climate chief
RE
12:36pJittery Wall Street banks 'war game' the election with drills, client calls, special pollsters
RE
12:30pEATON : joins ISA Global Cybersecurity Alliance as founding member, advances advocacy for a global cybersecurity standard and industry collaboration
PU
12:25pKKR's third-quarter earnings rise on capital market strength
RE
12:24pEXCLUSIVE : Goldman money funds' liquidity buffer swells before U.S. election
RE
12:23pChevron, Exxon shrink spending as coronavirus cuts demand
RE
12:19pShell Midstream's revenue slides during active storm season
RE
12:19pPhillips 66 says refined product exports in the third quarter were 139,000 barrels per day, a decrease from the prior quarter
RE
12:18pU.S. consumer spending beats forecasts; worries over decreasing government money
RE
12:17pPhillips 66 says refineres ran in mid-60% range in october due to downtime at lake charles and alliance refineries
RE
Latest news "Economy & Forex"