REPORT: American Express may be looking to sell itself

American Express could be looking to sell itself soon.

According to a report Monday from Fox Business News‘ Charlie Gasparino, the company may become an acquisition target by suitors including Wells Fargo.

The stock has lost 15% this year and nearly a third of its value over the last 12 months as investors have been losing confidence in CEO Kenneth Chenault.

Gasparino reports that the buyout plan could create an easy succession for Chenault, whose relationship with the board is getting increasingly strained.

A Wells Fargo spokesman told Reuters this report is not true.

Last week, American Express officially announced that it sold its exclusive Costco portfolio to Citi after renewal talks fell apart because the contract terms were no longer favourable.

This sale could hurt American Express’ profits, even as it reduces costs by $1 billion by the end of next year.

American Express holds its investor day on Thursday. And in a client preview, Deutsche Bank analysts noted that it will be crucial for Chenault and others in senior management to point out how American Express plans to beat the global competition and win with the super rich and millennials.

The company’s shares were little changed in pre-market trading on Tuesday.

We reached out to American Express for comment.

NOW WATCH: How Apple Pay Could Destroy The Credit Card

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.