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AmEx Shifts Hundreds of Salespeople to Collections Work

  • CEO expects an additional $1.7 billion in loan-loss reserves
  • About 345,000 customers have exited firm’s relief programs
    

Photographer: Andrew Harrer/Bloomberg

Updated on

American Express Co. is shifting “hundreds and hundreds” of employees in its sales units to handle collections and other credit work, and plans to set aside more for loan losses this quarter.

As the coronavirus pandemic sent unemployment rates soaring, the credit-card company quickly began moving sales workers to credit and collections, Chief Executive Officer Steve Squeri told investors at a virtual conference Thursday. The additional loan-loss reserves will probably be about as large as the $1.7 billion posted in the first quarter, he said.