American Express 3Q2009 revenue down 15%

American Express revenue down 15% - financial highlights for the three months ended 30-Sep-2009:

• Total non-interest revenue: USD5,262 million, -15% year-on-year;
  • Travel commissions and fees: USD383 million, -23%;
• Costs: USD3,920 million, -17%;
• Pre-tax profit from continuing operations: USD918 million, -15%;
• Net profit: USD640 million, -21%. [more]
  

American Express: "At the start of the year the economy appeared to be in a freefall, the drop in card member spending was accelerating and loan loss rates were rising rapidly. Today, while there is still reason to be cautious about high unemployment levels, we are seeing broad-based improvements in credit quality, the trends in card member spending are encouraging and there are signs that the recession may be approaching an end," Kenneth Chenault, Chairman & CEO. Source: American Express, 22-Oct-2009.