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American Express Company American Express Company Annual Report Annual Company Express American american express company american express company annual report annual report 2 0 0 8 2 0 0 8 american express company 2 0 0 vesey street new york, ny 1 0 2 8 5 212.640.2000 www.americanexpress.com general information corporate governance shareholder and investor inquiries Copies of American Express Company’s gov- Written shareholder inquiries may be sent either executive offices ernance documents, including its Corporate to BNY Mellon Shareowner Services Investor consolidated financial highlights American Express Company Governance Principles, as well as the charters Care Network, P.O. Box 358015, Pittsburgh, 200 Vesey Street (millions, except per share amounts, percentages and employees) 2008 2007 % inc/(dec) of the standing committees of the Board of PA 15252-8015 or to the Secretary’s Office New York, NY 10285 Directors and the American Express Company at American Express Company’s executive Total revenues net of interest expense $ 28,365 $ 27,559 3% 212.640.2000 Code of Conduct, are available on the compa- office address above. Written inquiries from Income from continuing operations $ 2,871 $ 4,126 (30)% information available ny’s website at http://ir.americanexpress.com. the investment community should be sent to Loss from discontinued operations $ (172) $ (114) 51% to shareholders Copies of these materials also are available Investor Relations at American Express Net income $ 2,699 $ 4,012 (33)% Copies of the company’s Form 10-K, proxy without charge upon written request to the Company’s executive office address above. Return on average equity 22.3% 37.3% statement, press releases and other documents, as Secretary’s Office at the address above. trademarks and service marks Total assets $ 126,074 $ 149,743 (16)% well as information on financial results, products and services, are available on the American On May 21, 2008, Kenneth I. Chenault, The following American Express trademarks Shareholders’ equity $ 11,841 $ 11,029 7% Express website at www.americanexpress.com. Chairman of the Board and Chief Executive and service marks may appear in this report: Diluted earnings per common share from The company’s global Corporate Citizen ship Officer of the company, submitted to the New American Express® continuing operations $ 2.48 $ 3.45 (28)% Report and a report of the company’s 2008 York Stock Exchange the Annual CEO Certif- American Express Box Logo® Diluted loss per common share from federal and state political contributions are avail- ication required by the rules of the Exchange American Express Card Design® discontinued operations $ (0.15) $ (0.09) 67% able at www.americanexpress.com/csr. Written certifying that he was not aware of any vio- American Express World Service & Design® Diluted earnings per share $ 2.33 $ 3.36 (31)% copies of these materials are available without lations by the company of the Exchange’s Centurion® Cash dividends declared per share $ 0.72 $ 0.63 14% charge upon written request to the Secretary’s Corporate Governance listing standards. The Gladiator Head Design® Book value per share $ 10.21 $ 9.53 7% Office at the address above. company filed with the Securities and Ex- Membership Rewards® change Commission the Certifications of its Platinum Card® Average common shares outstanding for transfer agent and registrar diluted earnings per common share 1,157 1,196 (3)% chief executive officer and chief financial officer The Bank of New York Mellon pursuant to section 302 of the Sarbanes-Oxley ©2009 American Express Company. Common share cash dividends declared $ 836 $ 740 13% 480 Washington Blvd., 29th Floor Act of 2002 as exhibits 31.1 and 31.2, respec- All rights reserved. Common share repurchases $ 218 $ 3,572 (94)% Jersey City, NJ 07310 tively, to its Annual Report on Form 10-K for Number of employees 66,000 67,700 (3)% 1.800.463.5911 or 201.680.6685 the year ended December 31, 2008. Hearing impaired: 1.800.231.5469 direct deposit of dividends This report is printed on paper containing www.bnymellon.com/shareowner/isd The company has established an Electronic postconsumer fiber. The paper used in this Direct Deposit of Dividends service for the report is also certified under the Forestry stock exchange listing electronic payment of quarterly dividends on Stewardship Council guidelines. New York Stock Exchange total revenues net return on diluted earnings the company’s common shares. With this ser- of interest expense average equity per share from (Symbol: AXP) vice, registered shareholders may have their (in billions) continuing operations independent registered dividend payments sent electronically to their public accounting firm checking account or financial institution on PricewaterhouseCoopers LLP the payment date. Shareholders interested in $3.45 $28.4 37.3% $27.6 300 Madison Avenue enrolling in this service should call The Bank 34.7% $24.8 $2.93 New York, NY 10017-6204 of New York Mellon at 1.800.463.5911. $22.1 $2.40 $2.48 $20.2 25.4% $1.98 stock purchase plan 22.3% annual meeting 22.0% The Annual Meeting of Shareholders of The BuyDIRECT Plan provides shareholders and new investors with a convenient way to American Express Company will be held at the company’s Greensboro Service Center, 7701 purchase common shares through optional cash Airport Center Drive, Greensboro, NC 27409, investments and reinvestment of dividends. on Monday, April 27, 2009, at 10:00 a.m., 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 For more information, contact: Eastern Time. BNY Mellon Shareowner Services Various forward-looking statements are made in this Annual Report, which generally include the words “believe,” “expect,” “anticipate,” A written transcript or an audiocassette of the P.O.Box 358015 “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions. Certain factors that may affect these forward-looking statements, including American Express Company’s ability to achieve its goals referred to herein, are discussed on page 59. meeting will be available upon written request Pittsburgh, PA 15252-8015 to the Secretary’s Office. There will be a modest 1.800.463.5911 Design: VSA Partners, Inc., New York New Inc., VSA Partners, Design: fee to defray production and mailing costs. www.bnymellon.com/shareowner/isd american express company to our shareholders in a year when the economy spiraled from merely bad to the point of evoking comparisons with the Great Depression, there was no escaping the impact on our business. Virtually everyone has felt the effects of targets. However, there are some things we the historic decline in real estate values, rising accomplished that, while modest when compared unemployment, frozen credit markets and the to better years, demonstrate the resilience and collapse of major financial institutions. I wish competitive strength of our company. In the face I could tell you that American Express was of a global economic crisis, we earned $2.7 billion somehow immune from these forces. The reality in profits, grew revenues, enhanced our capital is that conditions were the worst we have seen in position, invested in key capabilities, diversified many years, and our results were disappointing. our funding sources and expanded our base of Earnings were down 33 percent from a high-quality customers. year ago, as cardmember spending slowed and We made many adjustments to navigate delinquencies rose. Clearly, our bottom-line through the worsening environment. At the same performance fell well short of our long-term time, we maintained a long-term view and took 1 american express company steps to prepare the company to take advantage rates we have enjoyed in recent years when the of substantial growth opportunities when the economy was robust. For example, from 2002 to economy rebounds. American Express has one 2007, our annual growth in cardmember spending of the world’s most valuable brand names, a averaged more than 15 percent. reputation for service excellence, and products Moreover, cardmember spending weakened recognized for the rewards and benefits they as 2008 progressed. We saw a particularly acute bring our customers. These attributes are espe- slowdown in the fall as the financial crisis intensi- cially important in highly uncertain times and fied and the stock market and consumer confidence should continue to serve us well when condi- plunged. This situation, combined with dismal tions eventually improve. holiday sales for most retailers, particularly those in In this letter, I will describe for you the the luxury category, made for a very difficult fourth challenges we faced this year, the actions we have quarter in which overall cardmember spending fell taken to deal with them and our views about the 10 percent. This was the first quarter since2001 that road ahead. cardmember spending declined from the prior year. In past recessions, spending by affluent 2 0 0 8 results: a closer look consumers held up relatively well compared to We earn the majority of our revenue from trans- the broader population, which insulated American action fees when American Express cards are used Express to some extent because of the concentra- to make purchases, so cardmember spending is tion of high-income cardmembers in our portfolio. an important barometer of our business. In 2008, This downturn is different in that it is hitting worldwide spending on American Express cards the affluent particularly hard. Many of these rose to $683 billion, or 6 percent above last year. consumers have significantly cut back on their dis- Although we outperformed the other major card cretionary spending as they have seen their home issuers, this result was well below the growth values, personal wealth and job security erode. billed business cards-in-force (in billions) (in millions) 92.4 86.4 $683 $647 78.0 $561 71.0 65.4 $484 $416 04 05 06 07 08 04 05 06 07 08 Worldwide cardmember spending rose 6 percent over 2007, although as economies slowed, we experienced deceleration in quarter-over- quarter growth rates and a decrease in spending in the fourth quarter.
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