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Jan 7, 2021

AmEx declines on report of federal probe into sales practices

Signage is displayed inside the American Express Co. Centurion Lounge during a media preview event at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., on Thursday, March 5, 2020. AmEx has told shareholders that spending on membership services, which includes its lounge collection, will be its fastest-growing expense this year—cost decisions that came prior to the current crimp on global travel due to coronavirus.

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American Express Co. shares fell on a report that federal investigators are probing the company’s business-card sales practices.

The inspectors general offices of the U.S. Treasury Department, Federal Deposit Insurance Corp. and Federal Reserve are investigating whether American Express used aggressive and misleading tactics to sell cards to business owners, the Wall Street Journal reported Thursday, citing people familiar with the matter.

American Express dropped 4.1 per cent to US$118.07 at 12:34 p.m. in New York.