There’s a new regime at American Express, after its legendary CEO Ken Chenault, who’d held the top job for 16 years, retired in early 2018. Now under Stephen Squeri, a 32-year employee, the company is thriving amid an expanding economy. American Express is seeing greater spending on its credit cards and faster growth on interest-earning loans, while also maintaining one of the lowest payment default rates in the industry. Although the accounting charge triggered by the new tax law took its 2017 profits down by nearly half, the company expects its business will ultimately benefit from reform–starting with lower tax rates this year.
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