AmEx to cut spending by $3 billion to survive virus-hit economy

(Reuters) - Credit card issuer American Express Co said on Friday it would cut spending by nearly $3 billion (2.43 billion pounds) in 2020 after its quarterly profit sank 76% as it set aside more money to brace itself against a wave of potential delinquencies.The coronavirus pandemic has hammered the global economy, leaving people with an uncertain financial future.Several large U.S. banks have already stowed away billions of dollars to cover future losses as coronavirus-led layoffs and pay..