American Express reports 40% slump in quarterly profit By

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© . Pedestrians walk past an American Express sign in New York

() – Credit card issuer American Express Co (N:) reported a nearly 40% slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside $665 million for potential defaults.

Net income fell to $1.07 billion, or $1.30 per share, for the third quarter ended Sept. 30, from $1.76 billion, or $2.08 per share, a year earlier.

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