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(Reuters) - American Express Co said on Friday travel and entertainment-related spending on its cards halved in the first quarter as customers stayed at home during the COVID-19 crisis, overshadowing its better-than-expected profit.
Cross-border restrictions and a resurgence of COVID-19 cases in several parts of the world have forced people and businesses to put travel on hold, hitting credit-card issuers.
Chief Financial Officer Jeffrey Campbell said in an interview with Reuters the continued travel restrictions would slow a rebound in business travel for large corporations.
Our baseline assumption remains that by the fourth quarter of this year, global T&E (travel and entertainment) spending will be at around 70% of 2019 levels. But travel for large and global corporations is going to rebound slower, Campbell said. ....

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