In what appears to be a shift in strategy, the New York-based credit card issuer also walked back on its cost-cutting target of nearly $1 billion in 2020 and instead decided to spend heavily to add new card customers.
NEW YORK: American Express Co on Friday warned that business travel spending would not pick up before early 2022 after reporting underwhelming third-quarter profit due to weak spending on travel and entertainment by its card users.
In what appears to be a shift in strategy, the New York-based credit card issuer also walked back on its cost-cutting target of nearly $1 billion in 2020 and instead decided to spend heavily to add new card customers.
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