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'The brand is special': Warren Buffett called on American Express' CEO to protect its reputation during the coronavirus pandemic

'The brand is special': Warren Buffett called on American Express' CEO to protect its reputation during the coronavirus pandemic
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Warren Buffett called on American Express CEO Stephen Squeri to safeguard the company's brand and customer relationships during the coronavirus pandemic.




"The one thing he has and will continue to always point out to us is that the brand is special," Squeri said about the billionaire investor and Berkshire Hathaway boss in mid-March.




"The most important thing about American Express is the brand and the customers that aspire to be associated with the brand," Buffett told Squeri when he became CEO, Squeri said this week.




American Express followed Buffett's guidance by prioritizing service, adjusting rewards, and offering relief to struggling customers.




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Warren Buffett gave a key piece of advice to American Express CEO Stephen Squeri about navigating the coronavirus pandemic as it threatened to spark a surge in late payments and defaults: protect the company's brand and customer relationships.
"I talked to our largest shareholder, Warren Buffett," Squeri said on an investor update call in mid-March, according to a transcript on Sentieo, a financial-research site.
"The one thing he has and will continue to always point out to us is that the brand is special," the head of the financial-services titan continued.
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