Mar
10
AmEx Targets Loan Growth as Rivals Cut Fees in Partnerships
By-
Firm has long touted `spend-centric’ strategy over lending
-
`Our board is fully supportive of our plans,’ Chenault says
American Express Co. will increase lending in the U.S. as competitors cut acceptance costs to win credit-card partnerships with big merchants, Chief Executive Officer Ken Chenault said.
The focus on financing may help AmEx bolster revenue amid increasingly aggressive bidding on deals with retailers, airlines and other companies that bring in customers and fee-generating spending. Still, the move isn’t likely to shift AmEx’s total revenue mix, Chenault, 64, said Thursday at the company’s annual investor day…
AmEx Targets Loan Growth as Rivals Cut Fees in Partnerships
