The
While AmEx has not been as negatively impacted by defaults and delinquencies like other credit card companies, the company's bottom line has been hit hard by its business model tied into the well-to-do traveling and dining out. Restaurants have been shuttered in many countries, and hotel and airfare usage has fallen to the point that many airlines have sought government help and hotels are facing bankruptcy.
“We recognize that the road ahead continues to be uncertain,” said AmEx CEO
AmEx's discount revenue, or the money it makes off of each swipe or tap of an
The company is also facing consumers and small businesses, hit hard by the pandemic or preparing for more tough times, cutting back spending and cutting up cards. The average spending on an AmEx card fell to
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