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As you can see, our results this quarter are better than Q2, spending rose sequentially, our credit provision was much lower and we used these improved results to begin to fund more efforts to rebuild growth momentum. Looking at the first few weeks of October, I would point out that we have not seen any material changes thus far in October compared to the monthly and quarterly data for Q3 that we will focus on this morning. Key links to products, services and corporate responsibility Obviously, the acompay our own product, that's only a component of it. Thank you for your participation and for using AT&T Executive Teleconference Service. When does it become not operable at a small base and is this something that could be 10% or a real material portion of the American Express business over the long term? Next, we'll go the line of Bob Napoli with William Blair. And so, we feel good about that and we launched our network in China, and we certainly feel good about that and we continue to invest in coverage. Mr. Chenault serves on the boards of American Express and several So they're not really a constraint on being at that level. And so I think it's more second, third and fourth quarter of next year, where additional card members that we add, you'll have a grow over 2020. Sciences. Mr. Chenault joined the company in September 1981 as Director of Before I hand the call over to Jeff, I want to take a moment to share my personal thoughts on the current environment. He has been a vice chairman of American Express since 2015 and was group president of Amex's global corporate services group before that. And so it is an investment that we are making and we'll continue to make. corporate services, gift Have you ever heard of the name Stephen Squeri? joint venture, with access to additional investment resources to Non-T&E spending, which has long been the majority of our volumes has recovered to pre-COVID levels and actually grew 1% year-over-year in the quarter. Steve Buscemi's wife died earlier this week and a moving funeral was held at their NYC home ...TMZ has learned. Garrett Parker More from this Author . and travel businesses in the United States. Vice Chairman in 2015. was President of the Corporate Card group from 2002 to 2005, I also believe that this crisis has made us even more resilient, and agile, and flexible as a company, which will continue beyond this crisis and make us even stronger over the longer term. Well, as you would expect, we have continued to see an increasing shift to online and card-not-present spending in the current environment. He also is a member of the Business Council and serves At the same time, I believe the increases we see in online spending and the creative pivoting of business models in the small business community will continue, and I believe we are poised to take advantage of the opportunities these trends present. We ended the third quarter with $6.5 billion of reserves representing 8% of our loan balances and 1% of our card member receivable balances respectively in line with Q2 and up $2.2 billion from their pre-pandemic levels. We went out and we acquired Kabbage. Yes, all good questions, Mark. And our foundation is built on two things. Steve, you called out maintaining virtual parity coverage in the U.S. with Visa and MasterCard and you articulated some initiatives there. As a result, we expect our Q2 through Q4 year-over-year OpEx declines will be somewhat less than the $1 billion we initially discussed back in April which in hindsight was at the moment of peak uncertainty about the future. I'm pleased to say that we've maintained a strong liquidity position. David, can you press one, zero again? Card member loans and receivable write-off dollars excluding GCP were actually down, 3% and 15% year-over-year respectively in the third quarter. What is the time signature of the song Atin Cu Pung Singsing? on January 1, 2001, and as Chairman on April 23 of that year. Yes, thanks. leads the company’s Global Commercial Services group, as well as Good morning and thank you for joining us today. In addition, while we plan to ramp up investments, we will maintain our flexibility by controlling operating expenses and pulling back on investments if conditions deteriorate significantly. The really interesting thing though, as the months have gone by, is when you go to today into the numbers on the far right of page 20 in fact, the SME customers are no longer a disproportionate share. Thank you. Former Journey frontman Steve Perry revealed in a new interview why he left the iconic band in the late '90s. Moving last to capital and liquidity on Slide 27, our capital and liquidity positions remained tremendously strong as they have all year. We continue to selectively invest for the long-term. additional responsibility for the company’s worldwide card and Next we’ll go to the line of Rick Shane with JP Morgan. history from Bowdoin College, and has received honorary degrees Next we’ll go to the line of Mark DeVries with Barclays. But it's obviously expanded, again with the roll off of balances here and the suspension of the buybacks. Still have questions? Formed ground-breaking partnerships with leading technology businesses to take full advantage of the digital convergence that’s In April, there were a disproportionate number of our SME customers who signed up for our very short-term to one month as you recall, Customer Pandemic Relief Program. Is that just going to be set driven based on the results of your new stress test or is it going to be also self determined based on what you see? Services Group, which today represents 40 percent of overall continued Mr. Buffett. They're only a constraint because right now, they've just blanketly said to everyone, you can't do share repurchase. Looking at the longer-term, I am more optimistic. So I'll spend most of my time in these areas. These are based on management’s current expectations and are subject to risks and uncertainties. We're committed to doing that and we will continue to invest in those brand building activities. You've seen this in the announcements such as our recent acquisition of Kabbage, a leading financial technology company serving small businesses in the U.S., and in the official launch of our network in mainland China, where in addition to signing merchants and cementing relationships with key digital partners, WeChat and Alipay, we're currently working to develop debit capabilities on our network to capture some of the significant debit usage within China. And when I talked to Ed Bastian, I think Delta is doing a great job navigating the crisis, but they're at the mercy of how people feel. Ken and the We drill down further into all these points as you turn to Slide 7, which points out overall historically non-T&E spending was 70% of our proprietary billed business. Can you just help us think through, when you'll be able to return to buybacks? As we sit here today we've talked a couple times, both Steve and I, about the fact that while our baseline as things continue to get a little bit better, we have to be ready for the fact that they may not, we'll have to see. Enter your email today and the monthly Family Feud newsletters will soon be coming your way! Card Members. We acquired 1.4 million card members in the quarter versus 1 million, that's down from last year, but we're selectively doing it because what we are doing is we have more line of sight right now into behaviors. In 1971, on the heels of the success of her movie 'Love Story,' Ali married legendary producer Robert Evans and gave birth to her only son, Josh. Let me step back for a moment and tell you how we're thinking about our financial decisions moving forward. As we wound down the short-term customer pandemic relief program that we put in place at the height of the crisis in March, we've continued to see that the majority of the balances that have exited the program have remained current. linkedin.com/company/american-express, In his current role as Vice Chairman, Steve addition, he is a Fellow of the American Academy of Arts and As a reminder, before we begin, today’s discussion contains forward-looking statements about the company’s future business and financial performance. The remaining 14% of our overall billings which comes from our network business, GNS was down 16% in the third quarter. He knows So I wanted to follow up on the improvements going forward through the back part of this year. Hi, good morning. A wide variety of civic, social service and community Mr. Chenault has served as Chairman and Chief Executive Officer since So let's go now to our traditional credit metrics, which you see on Slide 16, and you see the credit trends in the third quarter were solid, and remained best in class. Kenneth I. Chenault is Chairman and Chief Executive Officer of Answer Save. To get into the details of our performance, let's start with volumes. the Partnership for New York. other corporate and nonprofit organizations, including IBM, The Creative Commons Attribution-ShareAlike License, John Dillon & Steve Cash With Waylon Jennings, Rodney Crowell, Jody Payne, Levon Helm & Rosanne Cash. So, if I were to reduce marketing by 20% as opposed to increase marketing by 20%, we'd be sitting here potentially talking about $1.70 EPS.

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