Finance
Amex Platinum Fuels Spending While Bank Braces for Loan Losses
- Spending volume climbed 14% to $398.9 billion in first quarter
- CEO says customers ‘resilient’ amid slowing economic growth
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American Express Co. set aside more money to cover souring loans, a move that weighed on first-quarter profit, as inflation and higher interest rates weigh on consumers.
Shares of Amex dropped 3.8% to $158.61 at 9:51 a.m. in New York, paring their gain for the year to 7.4%.