Amex Expenses Grow Amid Investments to Keep Customers Spending

American Express Co.’s expenses grew in the second quarter as the firm made risk-management and technology investments for its affluent consumers, who continued to spend amid economic uncertainty.

Consolidated expenses increased 14% to $12.9 billion, higher than expectations of $12.7 billion. The jump was partly the result of the investments in risk management and technology, as well as higher customer-engagement costs, driven by elevated card-member spending and use of travel-related benefits, the firm said in a statement Friday.