American Express has lost another partner.
A report from Bloomberg on Friday afternoon said that American Express and JetBlue are parting ways on a co-branded credit card.
This report follows an announcement from AmEx on Thursday that said the company would end its exclusive agreement with wholesaler Costco for a co-branded credit card.
Bloomberg reported that JetBlue had reached an agreement with Barclays and MasterCard. American Express and JetBlue had been partners since 2005, Bloomberg reported.
On Friday, we highlighted analyst commentary which said that for American Express, “everything is moving in the wrong direction.”
AmEx’s deal with Costco, which will expire at the end of March 2016, represented about 20% of the company’s worldwide loans and about 8%, or $US80 billion worth, of its billed business, according to analysts.
In a note to clients on Thursday, analysts at Oppenheimer wrote that AmEx losing its deal with Costco is, “clearly a big loss and as it winds down there will likely be increased lumpiness/uncertainty in [the company’s] results.”
American Express shares, which lost 6% on Thursday and another 3% on Friday, were little changed in after hours trade following the report.
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