Economy

American Express earnings: $1.50 per share vs $1.48 EPS expected

American Express earnings: $1.50 per share vs $1.48 EPS expected”

Chenault, 66, will be replaced on February 1 by Stephen Squeri, who will take over as both American Express' CEO and chairman of the board.

Kenneth Chenault, the longtime CEO and Chairman of American Express, is stepping down after 37 years at the company.

The transition was touted by AmEx' biggest shareholder, Warren Buffett, who called Chenault "the gold standard for corporate leadership" and praised Squeri as "the right person for the job".

Credit card issuer American Express Co reported about 19 percent jump in quarterly profit as higher billings and loan growth helped offset a jump in costs. Many senior executives have left the company, and Mr. Chenault suffered a personal loss with the unexpected death in 2015 of his would-be successor, AmEx President Ed Gilligan. Visit MarketWatch.com for more information on this news.

Mr. Chenault's departure comes after a recent rebound in the AmEx stock, as the company addressed some of shareholders' biggest concerns.

Chenault is leaving his shareholders on a more favorable note. Two of the most significant changes: increasing competition from banks and more emphasis on rewards for consumers.

AmEx is also battling rising competition from big US banks who are targeting the company's affluent clientele.

Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended September 30, from $1.14 billion, or $1.20 per share, a year earlier. Revenue, net of interest expense, rose 8.5% to $8.44 billion. Analyst had previously forecast full-year earnings per share of $5.74, according to a Thomson Reuters consensus estimate. The company posted a profit of $1.36 billion, or $1.50 a share, compared with $1.14 billion, or $1.20 per share, in the same period a year earlier.

Consolidated expenses surged 6 percent to $5.8 billion.



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