Business and leisure travel tanked as the pandemic forced companies and consumers to swap trips for Zoom meetings and staycations. That hit American Express hard, pulling the firm down 16 spots on the Fortune 500 this year as profits cratered nearly 54% in 2020. But things are improving for the credit card titan: Overall card member spending is on the rebound; AmEx CFO Jeffrey Campbell expects the firm’s embattled travel and entertainment spending segment to recover to roughly 70% of its 2019 levels by the fourth quarter; and the company is now aiming to achieve in 2022 the earnings it had originally expected last year.
Lists ranking American Express
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Latest news for American Express
- LifestyleAmerican Express is upgrading its consumer platinum card—again—for the holidaysOctober 7, 2021 10:00 AM UTC
- TravelAmerican Express is changing its Platinum Card for those staying closer to homeJuly 1, 2021 12:00 PM UTC
- TravelTravelers cooped up by COVID are embracing the ‘book now, figure it out later’ mentalityMarch 9, 2021 11:00 AM UTC
- RetailAmerican Express is awarding $1 million in grants to ‘historic’ small restaurantsFebruary 23, 2021 11:00 AM UTC