American Express Co - AXP STOCK NEWS

American Express Company (NYSE: AXP) announced its participation in two upcoming investor conferences. On November 10, 2021, CFO Jeffrey C. Campbell will engage in a virtual chat at the Bank of America Banking and Financials Conference at 9:40 a.m. (ET). On December 7, 2021, CEO Stephen J. Squeri will speak in-person at the Goldman Sachs US Financial Services Conference starting at 9:20 a.m. (ET). Live webcasts of both events will be available on the American Express Investor Relations website, with replays accessible post-event.

American Express (AXP) launched a new fully digital Business Checking account for small and mid-sized enterprises, offering a competitive APY of 1.1% on balances up to $500,000. Customers can earn a $300 welcome bonus and enjoy no monthly fees or minimum balance requirements. The account integrates with existing American Express Cards and includes features like 24/7 customer support and access to a vast ATM network. Starting in early 2022, users will also earn Membership Rewards points, enhancing the value for business owners.

The Amex Trendex report indicates changing holiday spending habits among US consumers. Nearly 48% have begun holiday shopping early due to anticipated supply chain issues. 61% of employed consumers appreciate the flexibility of remote work for avoiding crowded travel days. Most consumers plan to celebrate with family, with 71% expecting more in-person gatherings. Additionally, 38% intend to spend more this season, reflecting a shift towards supporting small or local businesses (81%) and sustainability (64%).

American Express Company (NYSE: AXP) reported strong Q3 results with net income of $1.8 billion, or $2.27 per share, up from $1.1 billion, or $1.30 per share, year-over-year. Total revenues rose 25% to $10.9 billion, driven by record Card Member spending, notably in travel and entertainment. Provisions for credit losses showed a benefit of $191 million, in contrast to a $665 million expense last year. Despite a 29% increase in operating expenses to $8.7 billion, the company remains confident in sustaining growth and reaching high-end EPS expectations for the year.

American Express (NYSE: AXP) and Goldman Sachs Transaction Banking are collaborating to launch a cloud-based payment solution aimed at simplifying B2B payments for large corporations. This integrated platform will support multiple payment options and feature data analytics for enhanced efficiency. The solution addresses the complexities faced by corporate clients in managing payment transactions, aiming to modernize outdated processes. It includes features like virtual cards, an Intelligent Payments Engine, and real-time payment tracking, with general availability expected in early 2022.

American Express (AXP) launched the "Backing International Small Restaurants" grant program with a commitment of $500,000 to support independent eateries owned by underrepresented groups in London, Mexico City, Sydney, Tokyo, and Toronto. Each selected restaurant can receive up to $15,000 for pandemic recovery and improvements. This initiative follows the previous $1 million program aimed at historic restaurants in the U.S. American Express partners with the IDA Foundation for implementation.

American Express Company (NYSE: AXP) has announced dividends on its Series B and D Preferred Shares. The quarterly dividend for Series B, which has a 5.200% Fixed Rate, is set at $8,980.56 per share, payable on November 15, 2021. For Series D, with a 3.550% Fixed Rate Reset, the dividend is $8,973.61 per share, payable on December 15, 2021. These dividends reflect the company’s commitment to providing income to its shareholders.

American Express (NYSE: AXP) has launched a new American Express Business Platinum Card® in the U.S., offering over $1,400 in annual value through enhanced benefits. The card targets key business spending categories, providing advantages like 1.5x Membership Rewards® points on various purchases and significant statement credits for services such as Dell, Indeed, and wireless providers. Additionally, improved travel perks include premium airport lounge access, expedited security screening, and global dining reservations. The card comes with an annual fee of $695.

American Express has launched its first Centurion Lounge in Europe at London Heathrow Airport, Terminal 3, enhancing its airport lounge portfolio. This lounge features over 7,000 square feet of bespoke design and amenities from award-winning local partners, including a menu by Michelin-Star Chef Assaf Granit and exclusive products from Soapsmith. The lounge promotes local culture through its offerings and includes environmentally friendly features like solar panels. This expansion supports American Express's commitment to providing premium travel experiences for its Card Members.