American Express Company reported a steep decline in first quarter earnings with even worse results expected for the second quarter. The company said it had first quarter net income of $367 million, compared with $1.6 billion a year ago with earnings per share at $0.41 and $1.80 for 2020 and 2019, respectively. Stephen Squeri, CEO, said the impact of Covid-19 began in the first quarter and accelerated in April with projections for T&E spending to plummet 95% year over year in the second quarter. Airline-related global spending volume declined even more in the first quarter, coming in 32% lower than a year ago. The company’s corporate card division had seen strong momentum over the first two months of the year but Squeri said “we’re now in a different world” after the spread of the pandemic. To support customers, American Express is offering consumer and small business card members a range of short- and long-term financial assistance programs.