American Express

American Express Company
TypePublic
NYSEAXP
DJIA component
S&P 100 component
S&P 500 component
IndustryBanking
Financial services
PredecessorLivingston, Fargo & Company
Wells, Butterfield & Company
Wells & Company
FoundedMarch 18, 1850 (1850-03-18), in Buffalo, New York, U.S.
Headquarters200 Vesey Street
New York, NY 10285
United States
Area served
Worldwide
Key people
Stephen J. Squeri
(Chairman & CEO)
Jeffrey C. Campbell
(Executive VP & CFO)
ProductsCharge cards
Credit cards
Traveler's cheques
Corporate banking
ServicesFinance
Insurance
Travel
RevenueIncrease US$43.556 billion (2019)[1]
Increase US$8.429 billion (2019)[1]
Increase US$6.759 billion (2019)[1]
Total assetsIncrease US$198.321 billion (2019)[1]
Total equityIncrease US$23.071 billion (2019)[1]
OwnerBerkshire Hathaway (18%)
Number of employees
64,500 (December 2019)[1]
Websitewww.americanexpress.com
Footnotes / references
[2][3][4]

The American Express Company (Amex) is a multinational financial services corporation headquartered at 200 Vesey Street in the Financial District of Lower Manhattan in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average.[5] The company's logo, adopted in 1958, is a gladiator or centurion[6] whose image appears on the company's well-known traveler's cheques, charge cards, and credit cards.

During the 1980s, Amex invested in the brokerage industry, acquiring what became, in increments, Shearson Lehman Hutton and then divesting these into what became Smith Barney Shearson (owned by Primerica) and a revived Lehman Brothers. By 2008 neither the Shearson nor the Lehman name existed.[7]

In 2016, credit cards using the American Express network accounted for 22.9% of the total dollar volume of credit card transactions in the United States.[8] As of December 31, 2019, the company had 114.4 million cards in force, including 54.7 million cards in force in the United States, each with an average annual spending of $19,972.[4]

In 2017, Forbes named American Express as the 23rd most valuable brand in the world (and the highest within financial services), estimating the brand to be worth US$24.5 billion.[9] In 2020, Fortune magazine ranked American Express at number 9 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.[10]

  1. ^ a b c d e f "American Express Company 2019 Annual Report (Form 10-K)" (PDF). last10k.com. U.S. Securities and Exchange Commission. February 2020.
  2. ^ Peter Z. Grossman. American Express: The Unofficial History of the People Who Built the Great Financial Empire. New York: Crown Publishers, 1987. (reprint: Beard Books 2006; ISBN 1-58798-283-8; Chapter 2.)
  3. ^ Noel M. Loomis, Wells Fargo. New York: Clarkson N. Potter, Inc., 1968
  4. ^ a b "US SEC: Form 10-K American Express Company". U.S. Securities and Exchange Commission. Archived from the original on February 15, 2020. Retrieved February 15, 2020.
  5. ^ "Dow Jones Industrial Average". CNN Money. Archived from the original on October 14, 2013. Retrieved October 20, 2013.
  6. ^ "American Express Logo Review". Company Logos. 2008. Archived from the original on September 20, 2010. Retrieved June 25, 2011. The initial trademark of 1958 described the gladiator in the American Express logo as a gladiator on a shield whereas the current American Express website lists the logo character as a Gladiator Head Design. However, there are many who believe that the gladiator is a centurion ...
  7. ^ "American Express Finishes Lehman Brothers spinoff". The New York Times.
  8. ^ Comoreanu, Alina (March 7, 2017). "Market Share by Credit Card Network". Wallet Hub. Archived from the original on April 8, 2017. Retrieved April 8, 2017.
  9. ^ "Forbes 2017 Rankings - The World's Most Valuable Brands". Archived from the original on March 8, 2018.
  10. ^ Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider. Retrieved April 1, 2020.