Credit card company American Express said Monday its profits plunged 72 per cent as customers fell behind on loan payments and were also spending less amid the widening recession, dpa reported.
Profits fell to 238 million dollars from 858 million dollars a year earlier.
American Express sought 3.5 billion dollars in federal emergency assistance last year as it tried to cope with the effects of the financial market crisis. It qualified for aid after converting itself into a bank-holding company.
"Our fourth-quarter results reflect an operating environment that was among the harshest we have seen in decades," CEO Kenneth Chenault said in a statement.