AmEx Targets Loan Growth as Rivals Cut Fees in Partnerships

  • Firm has long touted `spend-centric' strategy over lending
  • `Our board is fully supportive of our plans,' Chenault says

AmEx CEO Faces Investors After 27% Stock Drop

American Express Co. will increase lending in the U.S. as competitors cut acceptance costs to win credit-card partnerships with big merchants, Chief Executive Officer Ken Chenault said.

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