The company said overall customer spending jumped 21% year over year, driven by growth in goods and services as well as travel and entertainment. "Card member spending remained at near-record levels in the quarter," American Express CEO Stephen Squeri said Friday on an earnings call. "We expected the recovery in travel spending to be a tailwind for us, but the strength of the rebound has exceeded our expectations throughout the year." Bank of America isn't experiencing any slower growth in spending either, despite inflation having reached historic highs. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call.

---