Jan 7 (Reuters) – Federal investigators are probing business-card sales practices at American Express Co, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The investigators are looking into whether AmEx allegedly “used aggressive and misleading sales tactics to sell cards to business owners and whether customers were harmed,” according to the report.
AmEx did not immediately respond to a Reuters request for comment.
The Inspector General’s office at the Treasury Department, the Federal Deposit Insurance Corp and the Federal Reserve are also examining whether specific employees contributed to the alleged behavior and if higher-level employees supported it, the report said.
Shares in AmEx were down 3.7% at $117.95.
The Office of the Comptroller of the Currency is also investigating business-card sales practices at the company, the report said, citing people familiar with the matter. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath)