July 30 (Reuters) - American Express Co raised currency conversion rates for business clients without notifying its customers in an attempt to boost revenue and employee commission, the Wall Street Journal reported on Monday, citing people familiar with the matter.
The practice, mainly within the forex department, has been going on since at least 2004 to early this year, the report said. (on.wsj.com/2AiKWch)
American Express’ forex unit accounts for less than half of a percentage point of its total revenue, the Journal said, and the practice mostly targeted small and midsize businesses.
The company was not immediately available for a comment. (Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)