Bloomberg American Express Co. (AmEx) said it’s seeking to cut $3 billion in costs after the coronavirus pandemic caused a plunge in spending on the firm’s cards. The slowdown the credit-card issuer began to see in March as a result of nationwide shelter-in-place orders has “dramatically” impacted spending on its cards in April as well, American Express warned. Provisions for ...

Bloomberg Bank of Baroda, India’s third-largest state-run lender by market value, plans to raise as much as 135 billion rupees ($1.8 billion) over the next 12 months to improve risk buffers and boost lending. The lender, which combined with two smaller rivals last year, plans to raise 90 billion rupees selling shares and the balance through debt including tier-I capital, ...

Bloomberg The European Central Bank (ECB) will increase emergency bond-buying in the coming months to ramp up support for an economy that President Christine Lagarde sees shrinking as much as 15% this year, according to a Bloomberg survey of economists. One in four respondents expect the ECB could boost the size of its pandemic purchase program, when the Governing Council ...