Credit card issuer American Express Co easily topped Wall Street targets for quarterly profit as record investments in card rewards and a strengthening U.S. economy contributed to higher customer spending.
Credit-rating agency Standard & Poor's on Wednesday cut Wells Fargo & Co's credit ratings, days after the U.S. Federal Reserve imposed regulatory restrictions on the bank.
CME Group Inc on Thursday reported better-than-expected quarterly profit as a tight leash on costs helped the world's largest futures exchange counter a dip in clearing and transaction fees as fewer people traded during the quarter.
Credit card issuer American Express Co posted its first quarterly loss in 26 years and said it would not buy back shares for the next six months, both due to the impact of the recently enacted U.S. tax reform.
PNC Financial Services Group Inc reported a better-than-expected quarterly profit on Friday, helped by higher interest income and consumer loan growth and the U.S. regional lender also forecast mid-single digit loan and revenue growth for 2018.
American Express Co said its chairman and chief executive Kenneth Chenault would step down early next year, ending a nearly 17-year tenure at the helm of the No. 1 U.S. card issuer by spending.
Mastercard Inc , the world's second-biggest payments processor, joined bigger rival Visa Inc on Thursday in reporting a better-than-expected quarterly profit as people spent more using credit and debit cards.
American Express Co's profit declined 33 percent in the second quarter, hurt partly by higher expenses, as the card company spent heavily on rewards to woo customers amid intense competition from big U.S. banks.
Music streaming service Spotify, most recently valued at $13 billion, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public later this year or early next year, two sources familiar with the situation said on Friday.
American Express Co's first-quarter profit fell less than expected as its card members spent more and the company expressed more confidence over its full-year results, amid fierce competition in the industry.