American
Express Company
Stock Symbol: AXP
200 Vesey Street
New York, NY 10285
212-640-2000 (phone)
212-619-9230 (fax)
Website:
American Express
Industry: Credit
Services
Index Membership: Dow
Jones Composite; Dow
Industrials; S&P 100; S&P
500; S&P 1500 Super Comp
American Express Company
Description:
American Express Company is
a diversified worldwide
travel, network, and
financial services provider
founded in 1850. It is a
leader in charge and credit
cards, Travelers Cheques,
travel, financial planning,
investment products,
insurance and international
banking. American Express
Company (American Express)
is a global payments,
network and travel company.
The Company has four
operating segments: Global
Network & Merchant Services,
U.S. Card Services,
International Card & Global
Commercial Services and
Corporate & Other. The
products and services of the
Company include global card
network services; charge
card and credit cards for
consumers and businesses;
consumer and small business
lending products; American
Express travelers cheques
and gift cards; merchant
acquiring and transaction
processing; business expense
management products and
services; consumer travel
services, and business
travel and travel management
services, among others. On
December 31, 2006, the
Company acquired Harbor
Payments, Inc. (Harbor), an
Atlanta-based technology
company.American Express
Company employs over 20,000
people.
American Express Company
Financial Summary:
New York. October 22, 2007 -
American Express Company
(NYSE: AXP) today reported
third quarter income from
continuing operations of
$1.1 billion, up 15 percent
from $934 million a year
ago. Diluted earnings per
share were $0.90, up 18
percent from $0.76.
As previously disclosed, the
Company entered into an
agreement to sell its
international banking
subsidiary, American Express
Bank Ltd.(AEB). Net income,
which includes AEB within
discontinued operations,
totaled $1.1 billion for the
quarter, up 10 percent from
$967 million a year ago. On
a per share basis, net
income was $0.90, up 14
percent from $0.79.
Consolidated revenues net of
interest expense rose 11
percent to $6.9 billion, up
from $6.3 billion a year
ago.
Consolidated expenses
totaled $4.5 billion, up 9
percent from $4.2 billion a
year ago. The Company’s
return on equity (ROE) was
38.2 percent.
American Express Company
Business Summary:
American Express Company,
together with its
subsidiaries, operates as a
payments, network, and
travel company worldwide. It
offers individual consumer
charge cards, revolving
credit cards, and cobrand
cards; and merchant
acquisition and processing,
and proprietary payments
services. The company also
issues travelers checks;
various prepaid products,
including reloadable and
nonreloadable prepaid cards;
incentive prepaid products,
such as gift cheques,
points-based incentive
cards, and incentive funds
card; and prepaid gift
cards. In addition, American
Express provides expense
management services to
approximately 100,000 firms
through its corporate card
program, corporate
purchasing solutions,
electronic invoicing and
payment services, and
business travel services.
Its travel services include
travel reservation advice
and booking transaction
processing; travel expense
management policy
consultation; supplier
negotiation and
consultation; management
information reporting, data
analysis and benchmarking;
and foreign exchange
services. The company,
through American Express
Bank, offers various
investment management,
trust, estate planning, and
banking services; saving and
investment products; and
various correspondent
banking products, including
international payments
processing, trade-related
payments and financing, cash
management, loans,
extensions of credit, and
investment products, as well
as distributes mutual funds
and provides treasury and
capital market products.
Further, it publishes luxury
lifestyle magazines; travel
and business resources;
general interest, cooking,
wine, financial, and time
management books; and
international magazine
editions. The company serves
consumers, small businesses,
mid-market companies, and
banking institutions.
American Express was founded
in 1850 and is headquartered
in New York, New York.
