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Stephen Sakhrani

Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods

Sanjay Sakhrani is a Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods, specializing in consumer finance and payments, with coverage of companies such as Pagaya Technologies, Shift4 Payments, Bill.com, Synchrony Financial, Navient, and Toast. With a 73% success rate and an average return of 16.4% per recommendation, he is ranked among the top Wall Street analysts for the financial sector, and his insights have been recognized by Institutional Investor and The Wall Street Journal. Sakhrani began his equity research career at Citigroup, moved to Calyon Securities to cover specialty and mortgage finance, and joined KBW in 2006, where he now leads the consumer finance and payments research effort. He holds a B.S. in Finance from St. John's University, an MBA from Cornell, and is FINRA-registered with Series 7, 63, 86, and 87 licenses.

Stephen Sakhrani's questions to AMERICAN EXPRESS (AXP) leadership

Question · Q3 2025

Stephen Sakhrani inquired about the resiliency and strength across American Express's customer base, including corporate and small business segments, and the potential for continued improvement in a stable macro backdrop. He also asked for clarification on a specific gain recognized in the quarter.

Answer

Chairman and CEO Stephen Squeri noted a slight acceleration in billings for the quarter, driven by a pickup in T&E, strong restaurants, and premium airline spending. He emphasized that American Express's premium card base is not representative of the broader economy and expressed optimism for continued stability rather than deceleration. CFO Christophe Le Caillec clarified that a gain of approximately $80 million from a transaction at the Global Business Travel Group contributed about 5 percentage points to the growth in service fees and other revenue, but did not materially alter the overall revenue momentum.

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