Finance

American Express shares dip on report that investigators are probing sales practices

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American Express shares fell after the Wall Street Journal reported that the investigative arms of three U.S. financial agencies were probing the card issuer’s sales practices.

Shares of the company dipped 1.3% Thursday after falling as much as 5% earlier.

The offices of the inspectors general of the Federal Reserve, Treasury Department and Federal Deposit Insurance Corp are looking into whether New York-based AmEx pushed its cards on small business clients with misleading tactics and whether customers were harmed, according to the Journal.

Citing current or former workers of the issuer, the Journal reported in March that in an effort to boost sales, some AmEx employees misrepresented card…



Source cnbc.com

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