Missing you: American Express reported lower first quarter earnings and revenue, mainly due to the loss of its business with Costco, but still beat Wall Street expectations as card member spending rose. The company's stock was higher in after-hours trading. Amex said global billed business, adjusted for currency fluctuations, was flat from a year ago, after two down quarters, but would have been up by 8% if not for the lost Costco volume. Wall Street Journal, Financial Times
Mea culpa: The Office of the Comptroller of the Currency said its supervisors missed or failed to address warning signs about Wells Fargo's sales incentive program, which incented thousands of the bank's employees to create millions of phony accounts without customers' permission. The report by the agency's ombudsman said bank examiners knew about potential improprieties as far back as 2010, when it met with a senior Wells executive, but "did not take timely and effective supervisory actions." the report said.