22 5 Report

(Reuters) - Credit card issuer American Express Co ( AXP.N ) on Friday warned of a slow recovery in transaction volumes in the near term, after it set aside $1.6 billion for potential credit losses that weighed on its quarterly numbers. The company said its high exposure to travel and entertainment (T&E) industries, which have been ravaged by the COVID-19 pandemic, has led to a sharp decline in its overall spending volumes, though some other sectors are looking up. Overall spending volumes were down 20% in mid-July compared with a 40% decline in April, the company said in a post-earnings call. “(AmEx is) in a tricky situation because they have a large corporate book and a big T&E book a... Full story

6 days ago, 1 August