American Express 2Q results show even rich consumers getting pinched by credit crisis

In a sign that even wealthier consumers are feeling the pinch of the credit crisis, American Express Co. said its second-quarter profit tumbled as it set aside more money to cover souring loans across all its portfolios.

The credit card lender, known for catering to America's elite, said late Monday that its second-quarter earnings fell 38 percent, well below Wall Street's expectations.

The effects of the weakening economy were evident even among its more established members with excellent credit.

"Consumer spending slowed during the latter part of the quarter and credit indicators deteriorated beyond our expectations," American Express …