AmEx warns of slow spending recovery as credit losses loom

) 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.

Overall spending volumes were down 20% in mid-July compared with a 40% decline in April, the company said in a post-earnings call.

oh dear. doesn't that just break your heart.

What a fucking shame

Cry me a river..

Ha ha greedy fuckerz.

No sympathy here, during the last recession AmEx dropped customers suddenly, canceling cards when people needed them the most, then reorganized as a bank so they could get bailout money.

Hmm not so many ppl debt tied to their credit card, folks trying to figure out how to keep roof, food and insurance current.

Yet the market continues to roar. A reckoning is coming.

And?

bc everybody got laid off, aren't getting enough money from the government, and have to put every cent towards trying no to get evicted.

An 85% slump in Amex profits during the greatest GDP percentage tank in US history?!? Duh. Note to Senate: pay attention. Note to Press: question US senators about this [perilous economic contraction].

They still made a profit which is good given the circumstances

A população mundial vai empobrecer mais os milionários vão continuar milionários

It will bounce back soon as demand pick up around the world, people still need credit and amex is one of the best companies .. they back their customers!!

morenorodolfo Algo así?

I canceled my card because of the yearly fee, so not sad.

no one cares let them burn

Can do without. Were to expensive outside US anyway. Pulled that card and eyes rolled. Mind you good customer care to be fair

Great!!! I hope more people are saving.

I guess people just didn’t leave home without it, they didn’t leave home.

looking for a bail out .....

Maybe if Amex, Citi and others lowered interest rates below usury they might get more use. Charging 20% when going rates are close to 8% for an unsecured LOC seems a bit much.

4X MORE DEATHS IN BLUE STATES AND CRIME IS TROUGH THE ROOF. Obama and pedo joe never did anything, what makes you think pedo joe will do anything NOW, 47 years of NOTHING!!!! Trump is the only one who brought JOBS and brought DOWN CRIME, the DEMOCRATS took them all AWAY!!!!

Wait til they discover how many people can't afford to pay their monthly bills once furlough stops 😳

Wait so a credit card company who's card has to be paid in full every month say a drop in spending when no one had money.. These Wall Street types are brilliant. Never would have figured that out.

What money? NobodyLikesTrump

A consumer based economy with no consumers is bound to collapse.

They did not want to help people on the pandemic. Now this are the consequences.

Maxed out on the credit cards now. People living month to month with little savings.Credit

They are greedy

Poor them

Wrong revenue has dropped 85% but profits are still strong...think about all those delayed interest payments they will get in the near futur from people surviving on those hi interest credit cards.

Sure glad MoscowMitch and the GOP decided to call it a weekend and let the CARESAct PUA expire!

Good. The 'Masters of the Universe' need to understand that the only reason they have anything at all is because of the people that don't have a damned thing.

Who the fk wants to pay back full balance these days?

Wait 'til that $600 stops. It will be even less. extendthe600 ExtendUI realDonaldTrump senatemajldr

Good

Thanks. You are informative as always. 👍

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