CEO Ken Chenault said the company will temporarily suspend its buyback program due to a one-time charge from the new tax law. Chenault, the company's 17-year CEO, is retiring in February, to be succeeded by current Vice Chairman Stephen Squeri.
Tax overhaul leads AmEx to first loss in 26 years, buyback suspension
American Express Posts $1.2 Billion Loss Due to New Tax Law
U.S. News & World Report