American Express

PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week


The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.


Pandemic seals Amex’s commitment to the cloud


American Express began adopting cloud computing a couple of years ago and has leaned hard on the technology to help front-line and corporate employees work at home during the coronavirus crisis, its global head of infrastructure says.


Amex CEO says most employees will work remotely for the year


American Express Chief Executive Steve Squeri said a majority of the company’s employees will work remotely through 2020 as it seeks to slow the spread of the coronavirus.


How the pandemic has upended banks’ marketing


Many banks are slashing their spending. Others are changing their messaging strategies. And those that banks partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.


Fed expands Main Street Lending Program; ECB unveils low-rate loans


More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks.


Fitch downgrades seven consumer lenders, including Amex, Capital One


Ally, Synchrony, Discover, Sallie Mae and Navient are the other lenders the ratings firm downgraded, citing the impact that the coronavirus crisis is having on their revenues and profits.


American Express prepared for a downturn—but not like this


"We're now in a different world," Stephen Squeri, chairman and CEO of Amex, said during the card brand's first-quarter earnings call.


Citi hires card execs from Chase, Apple Card and Amex


Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months running the Apple Card business at Goldman Sachs.


CFPB case hearing ahead; Amex accused of aggressive sign-up tactics


The Supreme Court will hear arguments on the agency’s structure; the company, desperate after losing Costco’s business, allegedly pressured and misled applicants.


Bankers come to grips with coronavirus impact


With health organizations warning of a global outbreak, banks are starting to assess the risks to their bottom lines.