FILE PHOTO: Pedestrians walk past an American Express sign in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
(Reuters) – Credit card issuer American Express Co (AXP.N) posted a 76% drop in quarterly profit on Friday, as it set aside $1.7 billion to brace itself against potential non-payments due to a wave of coronavirus-led layoffs.
The pandemic has hammered the global economy, hurting consumers’ ability to make payments on their credit cards. The lockdowns around the world are also hitting transaction volume as people stay at home.
“In light of the current environment, we are aggressively reducing costs