AmEx quarterly profit plunges 76%
Credit card issuer American Express Co
posted a 76% drop in first-quarter profit on Friday, as
it set aside $2.6 billion to cover potential losses stemming
from the coronavirus outbreak.
The pandemic has hammered the global economy, pushing
companies to layoff employees by the millions. That, in turn,
could weigh on credit card issuers like American Express as more
people default on their payments.
posted a 76% drop in first-quarter profit on Friday, as
it set aside $2.6 billion to cover potential losses stemming
from the coronavirus outbreak.
The pandemic has hammered the global economy, pushing
companies to layoff employees by the millions. That, in turn,
could weigh on credit card issuers like American Express as more
people default on their payments.
Posted by Reuters
