Manhattan’s American Express profit beats estimate, says credit spending declines

On Friday, American Express Co., the Lower Manhattan, New York City-based American multinational financial services provider, had topped first-quarter profit estimates, though the payment processing giant had also added that travel and entertainment-related expenses on its cards had nearly halved over the first quarter as people stayed at home due to a stiffer pandemic restriction in major G20 economies, which in effect had eclipsed the credit card giant’s better-than-anticipated profits…