American Express 2Q Net Income Falls 48%

News Alert from The Wall Street Journal

American Express reported second-quarter net fell 48% to $337 million, while revenue dropped 18% to $6.09 billion. AmEx said its loan-loss provisions totaled $1.6 billion, compared with $1.8 billion, reflecting lower average cardmember receivables and loans.

"Given the cutbacks in discretionary spending among affluent consumers, small businesses and corporations, our overall level of billed business is performing well relative to most of the other major card issuers," said CEO Kenneth I. Chenault in a press release.