AmEx Chief Dismantles His Laboratory Serving Not-So-Wealthy

In 34 years at American Express Co., Ken Chenault has helped reinvent the credit-card company more than once. But his latest push into new frontiers is faltering behind the scenes.

The lender is dismantling its enterprise growth division, created to develop additional sources of revenue, lure new customers and help fend off Silicon Valley startups. Several top executives have left in recent months, including Neal Sample, its leader, and the unit plans to cut about 170 jobs in New York and Florida. The company canceled a product launch in Mexico, scaled back research efforts, folded parts of the business into other divisions and is closing its office on the edge of Manhattan’s Tribeca neighborhood. The unit’s centerpiece, debit cards for people unable to open bank accounts, remains.