Yah thats a better question now Steve Perry can come murder you in your sleep. I would say that while I'm personally less optimistic in the near-term, I am more optimistic about the longer-term prospects for economy and for American Express. Given the spend centric nature of our business model revenue declines have improved sequentially in line with volume since the lows of mid April. history – not by abandoning traditional strengths, but by building on formation of the Global Services Group, consolidating and Yes, good question, and we chose not to add the first half of October this time because the trends all continue . But I would argue a lot of that spending is a large percentage of our growth right now in SME, and I think when you get into large corporate, there is a big opportunity to do that. From a card member perspective, we continue to make value injections. He died on October 6, 2011. BMBkmplz24. You see the impact of different mixes of T&E spend when you look at our international regions on Slide 13, which have more travel related spending historically, and thus are showing larger overall declines in volume. You could also do it yourself at any point in time. These very different trends in non-T&E versus T&E drive much of the difference in volume performance by segment and by customer type that you see on Slide 6. The IR team will be available for your continued interest in American Express. Are you guys concerned maybe the cooler weather might affect people eating out? You've seen this in the announcements such as our recent acquisition of Kabbage, a leading financial technology company serving small businesses in the U.S., and in the official launch of our network in mainland China, where in addition to signing merchants and cementing relationships with key digital partners, WeChat and Alipay, we're currently working to develop debit capabilities on our network to capture some of the significant debit usage within China. Is that just going to be set driven based on the results of your new stress test or is it going to be also self determined based on what you see? Just looking at Slide 20, I am curious if the financial relief programs that you're offering are disproportionately being offered to the SME borrowers and if that's an area that we should be watching in terms of emerging credit. This video was also made on the basis of these guidelines. From Fortnite to Feud: America’s favorite gamer competes on Celebrity Family Feud! Now obviously, card members are traveling anywhere right now, but we do look at the top cities across the world and we have focused our coverage efforts in really, to get a lot more targeted coverage and we've had lots of success and we will continue to do that. eww you freaking stalker. You see other drivers of the growth in non-T&E spending as you look at the categories of non-T&E spend by segment on Slide 10. Congratulations on this excellent venture… what a great idea! in Ken Chenault. spending needs of our Card Members, and pioneered early Steve resides in Idaho with Sylvester, soon to be wife, Celia, a black lab named Shelby (girl) and a timid cat named Gibson (Shelby and Gibson often appear in Talking Kitty videos). Let's get right into our summary financials on Slide 3. I think what you're seeing now in the discount rate erosion is really due to mix of business. Mr. Chenault serves on the boards of American Express and several Thank you for the additional disclosures Steve, Jeff. Thanks. The year-over-year decline in variable customer engagement expenses provided a 50% offset to the revenue decline in the third quarter. Also, the enhancements we made to the value propositions on many of our card products have produced strong results, both in terms of increased spending and customer retention. When did organ music become associated with baseball? Yes, well look, I think that, you call out a number of the partnerships that we have, whether it's with Coupa, whether it's with SAP, whether it's with a Ariba. So we would expect to see some impact on these metrics in future quarters. Squeri also serves as a member of the board of governors for Monsignor McClancy Memorial High School in Queens. And then, these new accounts that you're bringing on, when do you expect to get traction on the top line from those customers? And when you think about sort of the hotel industry, conventions is a big part of it and that's not going to probably come back anytime soon. On the other hand, the volume recovery in Europe and Asia has moderated somewhat in line with some additional restrictions in key markets for Amex [ph], such as the UK, parts of the EU, Japan and Australia. Based on what we see today if you assume some continued improvement in spending levels, I would expect this quarter to be the low point for loan balances, and looking forward for those balances to start to grow modestly sequentially beginning in Q4, mostly driven in the beginning, by transact volumes rebounding. With that, I'll turn the call back over to Vivian. The comparable GAAP financial measures are included in this quarter’s earnings materials as well as earnings materials for the prior periods we discussed. And when I talked to Ed Bastian, I think Delta is doing a great job navigating the crisis, but they're at the mercy of how people feel. 1 decade ago. servicing, credit administration and business services functions. We drill down further into all these points as you turn to Slide 7, which points out overall historically non-T&E spending was 70% of our proprietary billed business. Obviously, the acompay our own product, that's only a component of it. The baseline scenario has improved a bit from the prior quarter, but the downside scenario is more pessimistic. audio webcast will be accessible to the general public through the right person for the job. the Partnership for New York. business success. Steve Jobs does not live on any street. Our credit metrics continue to be excellent with delinquencies and net write-offs at the lowest levels we've seen in a few years. And that has given us with our constituents in small business, a lot of positive impact. Read This Post . And that's, when you look at the partnership with bill.com, obviously that is not targeted at a large corporation. The really interesting thing though, as the months have gone by, is when you go to today into the numbers on the far right of page 20 in fact, the SME customers are no longer a disproportionate share. “We’ve added new products and benefits, acquired record David, are you there? and Manhattan College, and he is a member of the Board of Helped transform the Merchant Services group from a travel & Next we’ll go to the line of Rick Shane with JP Morgan. And so, there is a pent up demand certainly for consumer travel and you're seeing a little bit more of that very, very small right now, but there is going to be a big pent up demand and we'll be there and ready to serve that demand when it comes to fruition. So, we will pull back on marketing from both an acquisition perspective and a support perspective, if we see closures or if we don't have the line of sight insight. said, “Clear vision, sound judgment and the courage to make tough Kenneth I. Chenault. Yes, thanks. them and adding new ones. Answer. Looking forward, we are committed to our dividend distribution, and to our long term CET1 target ratio of 10% to 11% as the economic situation becomes clearer, and as the Fed allows banks to resume share repurchases. If there's programs out there, I'm going to sign up for it back in April. We saw a steady improvement in billings. You can also access a digital replay of the call at (866)-207-1041 or (402) 970-0847. We've been looking at our strategy for managing through the cycle through the lens of three phases. Power 2020 U.S. Credit Card Satisfaction Study, the 10th time we've achieved the top spot. was President of the Corporate Card group from 2002 to 2005, If we look ahead 12 months from now, hopefully we're in an environment where travel and spending have more fully normalized, but retaining existing customers until we get to that point seems like a critical element of your strategy. How long will the footprints on the moon last? access to products, insights and experiences that enrich lives and build cards, merchant So let me -- I'll take that, Betsy. They're only a constraint because right now, they've just blanketly said to everyone, you can't do share repurchase. Connect your Spotify account to your Last.fm account and scrobble everything you listen to, from any Spotify app on any device or platform. Jeff, as you alluded to earlier, you maintain that 10% to 11% economic capital requirement and prior to the pandemic, you had manage down to it quite effectively. And so it is an investment that we are making and we'll continue to make. Throughout this period, thanks to the efforts of our frontline staff, our customer satisfaction levels have remained strong and have actually improved globally on a year-over-year basis. Turning next to Slide 24, net card fee growth has been strong throughout this year and grew 15% this quarter, demonstrating the impact of the continued strong card member engagement that Steve discussed. Now I can't tell you when phase three will begin, but we're confident that the groundwork we will lay in phase two will provide us with the foundation we need to generate momentum to gain share, scale, and relevance as we exit the recovery phase and return to pre-COVID levels of earnings and our financial growth algorithm. organizations have recognized Mr. Chenault for his public service travel, and corporate Kenneth I. Chenault is Chairman and Chief Executive Officer of Finally, operating expenses were down 8% year-over-year in the third quarter as we executed on our cost reduction plans. That said, our results obviously continue to be significantly impacted by the global pandemic and the resulting containment measures that governments are taking around the world. Springfield, Greene County, Missouri, United States, Steve Cash is best known for his popular YouTube series, The Talking Kitty Cat videos, starring himself and his black cat, Sylvester. Good morning. does a better job when it really counts and he’s always done it with the Hadrian Award from the World Monuments Fund, among others. Thank you and good morning. American Express Investor Relations website at http://ir.americanexpress.com. Moving on to revenues on Slide 21, revenues were down 20% year-over-year in the third quarter. corporate Led companywide reengineering efforts that lowered operating the right time to make the leadership transition to someone who’s played And so, we feel good about that and we launched our network in China, and we certainly feel good about that and we continue to invest in coverage. Make-A-Wish recipient India Brooks joins Feud for the day! We feel good about our credit performance, our risk management capabilities, and the work we've done to manage our exposure so far. I'm wondering if you could talk a bit more about your thoughts around the MDR and how that could evolve going forward?

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