Posted AT 5:14 PM EDT on 21/07/08
Amex profit tumbles 38 per cent
NEW YORK — — American Express Co., a credit card issuer and processing network, said Monday its quarterly profit fell 38 per cent as it set aside more money to cover credit losses.
The company said it was no longer on track to boost earnings per share by 4 per cent to 6 per cent this year because the U.S. economy has slowed, particularly in June.
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