UPDATE 2-AmEx to cut spending by $3 bln to survive virus-hit economy [Reuters (UK)]
American Express Company (AXP)
Last american express company earnings: 4/24 07:00 am
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Source: Reuters
AmEx to cut spending by $3 billion to survive virus-hit economy - Reuters 3 Min Read (Reuters) - Credit card issuer American Express Co ( AXP.N ) said on Friday it would cut spending by nearly $3 billion in 2020 after its quarterly profit sank 76% as it set aside more money to brace itself against a wave of potential delinquencies. The coronavirus pandemic has hammered the global economy, leaving people with an uncertain financial future. Several large U.S. banks have already stowed away billions of dollars to cover future losses as coronavirus-led layoffs and pay cuts would make it difficult for consumers to make loan payments. “In light of the current environment, we are aggressively reducing costs across the enterprise,” said AmEx Chief Executive Officer Stephen Squeri, adding that the deterioration in the economy accelerated in April and has dramatically impacted customer spending volumes. The company expects operating expenses to be down about $1 billion year over year during t
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News
- ‘Small Business Saturday' Hopes Dashed By 18% Spending Decline In 2025 [Forbes]Forbes
- More travelers have lounge access than ever. Is that a good thing? [USA TODAY]USA TODAY
- Accertify: Cyber Monday Transaction Volume Jumps 24% as Smaller Carts and Later Evening Shopping Dominate [Yahoo! Finance]Yahoo! Finance
- American Express (AXP) Declines More Than Market: Some Information for Investors [Yahoo! Finance]Yahoo! Finance
- Accertify's Black Friday Data Reveals Shift in Consumer Spending: Transaction Volume Surges 24% While Average Purchase Size Hits Four-Year Low [Yahoo! Finance]Yahoo! Finance
AXP
Earnings
- 10/20/25 - Beat
AXP
Sec Filings
- 11/17/25 - Form 8-K
- 11/4/25 - Form 4
- 11/4/25 - Form 4
- AXP's page on the SEC website