American Express CEO says mid-teens revenue growth in 2023 ‘very probable’

American Express CEO Stephen Squeri said while presenting at the Goldman Sachs Financial Services Conference: "Well, I mean, look, we’ve had 6 straight quarters of 24% revenue growth, so that will give you a little bit of confidence. But I think everything that I just said — and we’re staying focused, we’re staying focused as a company. I think our business is a lot stronger after the pandemic than it was pre-pandemic. I think we learned a lot. We invested a lot in our customers. We’ve changed our model in terms of retention. We’ve changed value propositions, and we stood by our customers. And they’ve rewarded that with higher spending and more engagement. And so for everything I just said gives me the confidence that, that 10% in 2024 is possible. And as we said sort of mid-teens revenue growth in 2023, we think is very probable. So in each of the presentations that we’ve had thus far, there’s obviously been discussions about a lot of uncertainty as it pertains to ’23, particularly in the back half, your customer base is obviously a bit unique, but you’re talking about revenue growth, as you just said mid-teens for next year… I mean, we still see record months for us. And obviously, I think you will see year-over-year deceleration because last year, what happened at this time, you were starting to see growth. And — but overall, the consumer is strong. Small businesses continue to be strong for us. International is strong. And I’m talking about 2 months months in here. We’re talking about October and November. And so we’re really pleased with the momentum that we’ve seen, and we’re not seeing any change in sort of that credit profile. What you have seen is you’ve seen some small businesses that have slowed down some of their advertising spending, you’ve heard about retailers talking about a decrease in sort of discretionary spending. But these are small sort of hits to our business at this particular point in time. And and just looking at October and November, results are exactly what we would have expected and very, very strong at this point."