American Express (AXP) CEO Sees Some Signs of Stabilization

American Express (NYSE: AXP) CEO Ken Chenault said he sees some signs of stabilization with its billings. Last year, billings were falling by 20%, but for the past several months they have stabilized, but he wouldn't call them greet shoots.

The impact of the housing crisis on the high end consumer has been substantial. Times like these give AXP a chance to invest in long-term opportunities. American Express has cut back on its investing, but still looking for long-term opportunities. AXP will continue to expand its presence in co-branded cards.

Chenault noted that credit card penetration is low abroad.

Chenault said he is supportive of the Obama's initiatives in the credit-card industry, but he thinks it went too far. American Express CEO said 80% of its fees are from card fees and merchant fees. Chenault doesn't like that Obama put limits to the interest rate that credit card companies could charge.

Sign up at EasyStockAlerts.com To Be Alerted To Your Stock News!