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Leading American credit card company: American Express (AXP) (1850)

American Express Company (NYSE: AXP), founded in 1850, is a financial services company headquartered in New York, USA. It has 59,000 full-time employees. The company specializes in credit cards, financial plans, charge cards, traveler’s checks, and International banking occupies a leading position (Amex cards account for 24% of the total US credit card transactions), and it is the world’s largest global company for travel services and comprehensive finance, financial investment and information processing.

american express logo

American Express (AXP):

American Express is the only service company among the 30 stocks that make up the Dow Jones Industrial Average. It is also the 74th largest company in the Fortune magazine, the 7th in the Fortune Global 500, and BusinessWeek. “(BusinessWeek) and Omnicom’s 15th most valuable brand.

American Express and its subsidiaries provide toll and credit card payment card products and travel-related services to consumers and businesses worldwide. The company operates through three divisions: Global Consumer Services Group (Global Consumer Services Group), Global Commercial Services (Global Commercial Services) and Global Merchant and Network Services (Global Merchant and Network Services).

American Express’ products and services include fee and credit card products, as well as other payment and financing products; network services; expense management products and services; travel-related services; and prepaid products. American Express products and services also include merchant acquisition and processing, service and settlement, point-of-sale marketing, and merchant information products and services; and fraud prevention services, as well as the design and operation of customer loyalty programs.

American Express sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through online and mobile applications, third-party vendors and business partners, direct mail, phone calls, internal teams, and direct response advertising.

financial data:

Currency unit: million dollars

years

income

Net profit

Total assets

share price

Number of employees

2005

24,404

3,734

113,960

39.22

2006

27,692

3,707

128,329

44.74

2007

31,540

3,986

149,743

49.21

2008

31,920

2,684

126,074

31.91

2009

26,543

2,130

125,145

23.49

2010

30,005

4,006

146,689

36.98

2011

32,282

4,877

153,337

42.84

2012

33,781

4,433

153,140

51.29

2013

34,828

5,312

153,375

67.63

62,000

2014

35,895

5,839

159,103

84.25

54,000

2015

34,441

5,063

161,184

74.06

54,800

2016

33,823

5,285

158,893

61.68

56,400

2017

35,583

2,634

181,159

83.28

55,000

American Express (AXP) business:

American Express mainly operates through its three branches: American Express Travel Related Services, American Express Financial Advisors, and American Express Bank.

  • American Express Travel Services (established in 1915) is one of the world’s largest travel agencies, with more than 1,700 travel offices worldwide. American Express Travel Services provides individual customers with charge cards , credit cards and traveler’s checks. It also provides corporate customers with corporate cards and expense management tools to help these companies manage their business travel, entertainment, and procurement expenses. The company also provides Individuals and companies around the world provide travel and related consulting services.
  • American Express Financial Advisors, with financial planning and consulting as the core business, establish close relationships and long-term financial strategies with retail customers. In order to meet the needs of its retail customers, American Express Financial Advisors also develops and provides financial products and services, including insurance, pensions and a variety of investment products.
  • American Express Bank, among the US-based banks, American Express Bank has one of the largest international branch networks, providing private banking services, personal financial services, interbank banking and foreign exchange transactions through 77 offices in 40 countries .

American Express (AXP) brand status:

  • American Express, which ranks seventh in the Global 500, has tens of millions of members worldwide and is widely accepted by merchants in more than 200 countries.
  • On March 30, 2004, Industrial and Commercial Bank of China and American Express announced that American Express and Industrial and Commercial Bank of China had signed the “Card Issuing and Acquiring Cooperation Agreement.” Industrial and Commercial Bank of China will issue the first credit card with the American Express logo-Peony The American Express card, which is also a successful person positioned in China, has a relatively high threshold, but it is also a breakthrough for overseas cards in China. The Peony Express Card was officially issued on December 8, 2004. You know, according to the WTO agreement, American Express cannot directly issue credit cards in China before 2007.
  • On December 3, 2002, American Express and China International Travel Service Headquarters signed a cooperation agreement, appointing CITS as the only authorized franchise partner for leisure travel in China and establishing CITS.
  • In 2005, CITS Express Aviation Service Co., Ltd. was formally established in Shanghai. This is because American Express has dozens of offices in China. More than 400 cities in China have accepted American Express cards for payment, including hotels, restaurants, shops, airlines and many other industries.
  • One of the most respected brands in the world by American Express. The first ones are Coca-Cola , Microsoft , IBM , General Electric , Intel , Nokia , Toyota , Disney , McDonald’s , Mercedes-Benz, Citi , Marlboro and HP . By the way, there is no Chinese brand among the top 100. The corporate brand was ranked 34th in the “Top 500 World Brands” list compiled by the World Brand Lab. The company was ranked 243rd in Fortune’s 500 largest companies in the world.

American Express (AXP) History:

American Express was founded in Buffalo, New York in 1850. It was first formed by the merger of three different express companies. American Express was originally headquartered at the intersection of Jay Street and Hudson Street in the TriBeCa district of Manhattan, and exclusively operated transportation businesses (cargo, stocks, currency, etc.) in New York State. . In 1874, American Express moved its headquarters to 65 Broadway, a new financial district in New York State. Two buildings remain on its old site.

At some point between 1888 and 1890, James Congdell Fargo (James Congdell Fargo) felt very frustrated and angry after a trip to Europe. Although he is the president of American Express and carries a traditional letter of credit, he finds it difficult to get cash except in major cities. So Fagor and Marcellus Fleming Berry invented the American Express Travelers Cheque, which was issued in 1891 in denominations of 10, 20, 50 and 100 dollars.

The issuance of traveler’s checks makes American Express a truly multinational company. However, this is not the first time that American Express has implemented such a business. When the First World War broke out in 1914, many Americans in Europe held letters of credit issued by different banks, but most of the financial institutions refused to provide any assistance, and the European Office of American Express united many others. A company that provides guarantees for the letters of credit in the hands of these travelers.

American Express established the Travel Division in 1915 to combine all services that make travel easier. Soon after, they established the group’s first travel agency.

On November 5, 2008, local time, American Express submitted an application to the Federal Reserve Board to transform into a commercial bank. On November 10, the Federal Reserve Board of the United States approved this application, allowing American Express to receive customer deposits to better respond to the global financial turmoil caused by the subprime mortgage crisis. After Morgan Stanley and Goldman Sachs, American Express became the third organization to transform into a commercial bank during the subprime mortgage crisis.

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