Amex announces fourth quarter losses
29 January 2008
Credit card company American Express (AMEX) announced larger than expected fourth quarter losses which saw profits drop 9.9%.
The company said more and more credit card holders were not only struggling to meet their repayments on time but were also defaulting on payments as the credit crises tightened in the United States.
American Express started the day trading strongly with stocks rising to $47.40 before the announcement saw the shares on the stock exchange fall to $46.07 at the close of trading.
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