As Biden's catastrophic inflationary economy continues to crush American families, AmEx saw charge offs and delinquencies rise.
AmEx profits fall 9% as customers fall behind on paymentsBy KEN SWEETAP Business WriterThe Associated PressNEW YORK
The New York-based company said it earned a profit of $1.57 billion in the quarter, or $2.07 a share, that is down from $1.72 billion, or $2.18 a share, in the same period a year earlier. That is below what analysts had forecasted. AmEx CEO Steve Squeri said in a statement that the company’s credit metrics “remained strong” in the quarter however. Squeri told analysts on a call with investors that the company is seeing few signs of a recession in the short-to-medium term, noting that cardmember spending continues to remain strong.
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