AmEx profit tumbles 85% as pandemic-related defaults loom – Reuters

(Reuters) – Credit card issuer American Express Co (AXP.N) reported an 85% slump in quarterly profit on Friday after it set aside nearly $628 million to prepare for a flood of potential defaults caused by coronavirus-led layoffs. FILE PHOTO: American Express logo and trading symbol are displayed on a screen at the New York Stock…

AmEx profit tumbles 85% as pandemic-related defaults loom – Reuters

(Reuters) – Credit card issuer American Express Co (AXP.N) reported an 85% slump in quarterly profit on Friday after it set aside nearly $628 million to prepare for a flood of potential defaults caused by coronavirus-led layoffs. FILE PHOTO: American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. REUTERS/Brendan McDermidShares were down about 1% before the bell, even as the group managed to eke out a small profit rather than report a loss as expected by analysts. The health crisis has hammered economies worldwide and triggered mass layoffs, which in turn made more people default on their bills, hurting credit
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