The US Federal Reserve reported today that total consumer credit increased at an annual rate of 5-1/4 percent during 2003. Growth in total consumer credit for the fourth quarter of 2003 was only 3-3/4 percent.
Revolving consumer credit such as credit cards grew at an annual rate of 3.6 percent during 2003 with only a 2.8 percent growth in the fourth quarter. At the end of 2003, $742.5 billion in revolving consumer credit was outstanding.
Bloomberg reports on comments by Citigroup CEO Charles Prince regarding the global rival it sees in the combination of JP Morgan Chase and Bank One. The story also reports that a rumored merger between Citigroup and Deutsche Bank has been put on hold.
American Express senior management today provided the financial community with an update on the company. Presentations and text of management's speeches are available online. Remarks by David House focused particularly on Amex's partnerships with banks. An audio archive of the presentations along with almost an hour of Q&A is also available online.
First Data Corp. this morning announced fourth quarter financial results -- reporting a 20 percent growth in earnings per share on an 11 percent growth in revenue. FDC also provided a 2004 outlook for an EPS range of between $2.00 to $2.18 from continuing operations as compared to 2003 EPS of $1.88.