One of the most storied brands in the financial services industry, American Express has fallen on hard times of late. In 2015, the company announced that it would be ending its 16-year exclusive relationship with mega-retailer Costco, a big hit considering 1 in 10 Amex cards were issued by the wholesaler. The firm has also had to reduce its prices to small merchants and beef up the rewards it offers its customers to hold its own in a highly competitive credit card landscape. Nonetheless, American Express was able to beat revenue estimates in the first quarter of 2016, in part on the strength of its loyal corporate business.
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With one of the largest retailers in the U.S. announcing its exclusive deal with American Express would end in March 2016, stock prices for the credit card company dropped steeply Thursday.