American Express Global Business Travel (Amex GBT) saw business travel transactions reaching 76% of 2019 levels in June, according to Paul Abbott, CEO, speaking on a second quarter earnings call. Transaction recovery for small-to-medium sized enterprises (SME) recovered to 84% of 2019 levels. For the full quarter, transactions recovered to 69% of 2019 levels, and revenue recovered to 65% of pre-pandemic levels. This was the first earnings call since the company became publicly traded. Listing a public company in the second quarter, said Abbott, was “a significant milestone” and marked the beginning of the next phase of growth for Amex GBT. Over the past 12 months, he said, the company signed $4.2 billion of new wins value and maintained very high customer retention. The strong first half of 2022 and continued share gains, he said, “give us the confidence to raise our full-year 2022 guidance once again.” Abbott named JPMorgan Chase as one big client acquisition, and said Amex GBT will begin serving that company during the current quarter. Client retention for Amex GBT has been "very stable," he said, running at 95% over the 12 months through July 31.
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