Wow! What a miss!
CNCB just reported that in Q2 2008 Amex (NYSE:AXP) posted a decline of 37% on a year-over-year basis.
Is anyone really surprised that credit card companies (even Amex) are facing significant losses (and preparing for far more) from the current economic decline?
I know Wall Street is… Why is that and when do you think they will start withdraw those coveted Amex Black cards?