American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange in New York, December 6, 2017. — Reuters pic
American Express, one of the largest corporate card issuers in the United States, has been hit especially hard by cuts in large corporations’ spending on travel and entertainment after the pandemic brought that sector to a virtual standstill. “Spending volumes, which declined to their lowest point this quarter in April, gradually improved in May and June, with small businesses being the most resilient,” chief executive officer Stephen Squeri in a statement.
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