Consolidated expenses totaled $5.5 billion, down 1 percent from $5.6 billion a year ago. The decrease reflected a 4 percent decline in operating expenses 3, partially offset by higher rewards costs. Adjusted for foreign currency translations, consolidated total expenses were unchanged from a year ago. 2The effective tax rate for the quarter was 35 percent, up from 33 percent from a year ago.
American Express Reports First Quarter EPS Of $1.33, Up 16 Percent From A Year Ago; Revenues, Loans And Card Member Spending Increase; Operating Expenses Decline From Year-Ago Levels
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