American Express Company (Amex) is an American bank holding company and multinational financial services corporation that specializes in payment cards. It is headquartered at 200 Vesey Street, also known as American Express Tower, in the Battery Park City neighborhood of Lower Manhattan.
Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay, Visa, and Mastercard.[7][8] 141.2 million Amex cards were in force worldwide as of December 31, 2023, with an average annual spend per card member of US$24,059. That year, Amex handled over $1.7 trillion in purchase volume on its network.[3] Amex is the 16th largest US bank, with a total of US$270 billion in assets or 1.1% of all assets insured by the FDIC. It is ranked 58th on the Fortune 500[9] and 28th on the list of the most valuable brands by Forbes.[10] In 2023, it was ranked 63rd in the Forbes Global 2000.[11] American Express National Bank is a direct bank owned by Amex.
Founded in 1850 as a freight forwarding company, Amex introduced financial and travel services during the early 1900s. It developed its first paper charge card in 1958, gold card in 1966, green card in 1969, platinum card in 1984, and Centurion Card in 1999. The "Don't Leave Home Without It" advertising campaign was introduced in 1975 and renewed in 2005. In the 1980s, Amex acquired and then divested a stake in Shearson.[12] In the 1990s, it stopped reducing interchange fees for merchants who exclusively accepted Amex cards and expanded market share through targeted marketing campaigns. Amex converted to a bank holding company during the 2008 financial crisis. Amex began operating airport lounges in 2013, offering access to certain cardholders.
Amex had a 9% worldwide market share by transaction volume in 2023.[13] While American Express credit cards are accepted at 99% of U.S. merchants that accept credit cards, they are less accepted in Europe and Asia.[14][15] American Express offers various types of cards including travel and dining cards, everyday spending points cards, and cash back cards. Each category has several card options with different benefits and reward structures. High-profile cards like the Green, Gold, and Platinum cards cater to frequent travelers and diners with perks tailored to these activities.[16]
History
Early history
In 1850, American Express was started as a freight forwarding company in Buffalo, New York.[17] It was founded as a joint-stock corporation by the merger of the cash-in-transit companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company, the successor earlier in 1850 of Butterfield, Wasson & Company).[4] Wells and Fargo also started Wells Fargo & Co. in 1852 when Butterfield and other directors objected to the proposal that American Express extend its operations to California.
American Express initially established its headquarters in a building at the intersection of Jay Street and Hudson Street in what was later called the Tribeca section of Manhattan. For years it enjoyed a virtual monopoly on the movement of express shipments (goods, securities, currency, etc.) throughout New York State. In 1874, American Express moved its headquarters to 65 Broadway in what was becoming the Financial District of Manhattan, a location it was to retain through two buildings.
Products
Specialized cards for businesses
American Express has a specialized corporate meeting credit card.[156] Another specialized American Express business card is the American Express Corporate Purchasing Card, which can be assigned to individual employees or departments. Reconciliation and accounting services are available to make these functions easier for the corporation.[157]
Non-proprietary cards
Citibank, First National Bank of Omaha, USAA, Navy Federal Credit Union, Synchrony Financial, and US Bancorp issue American Express cards. Citi issues the Macy's and
Marketing and advertising
Card design
The company logo, a gladiator or centurion, appears at the center of several cards. The figure and his pose evoke classical antiquity, demonstrate strength and stability, and the designs on these cards, especially the Green card, bear resemblance to those on the United States Federal Reserve Notes.
Advertising campaigns
"Don't Leave Home Without Them"
In 1975, David Ogilvy of Ogilvy & Mather developed the highly successful "Don't Leave Home Without Them" ad campaign for American Express Traveler's Cheques, featuring Academy Award-winning actor Karl Malden. Malden served as the public face of American Express Travelers Cheques for 25 years. In the UK, the spokesman was Alan Whicker, a television personality.[161]
Awards and recognition
In 2016, at the Corporate Art Awards, American Express received the award from pptArt for "the best international restoration programme: World's Monument Watch". American Express is a sponsor of "World Monuments Watch", launched in 1995 by World Monuments Fund.[196]
Workplace
Offices
In April 1986, American Express moved its headquarters to the 51-story Three World Financial Center in New York City. After the September 11 attacks, American Express had to leave its headquarters temporarily because it was located directly opposite the World Trade Center and was damaged during the fall of the towers. The company began gradually moving back into its rehabilitated building in 2002. The company maintains major offices in Sunrise, Florida; Salt Lake City, Utah; and Phoenix, Arizona, with its main data centers in North Carolina and Phoenix.
American Express announced its new state-of-the-art global headquarters at 2 World Trade Center in Lower Manhattan on February 25, 2026. The company will be the sole owner and occupant of the new building, which is expected to be completed in 2031.[197]
AMEX Bank of Canada was founded in 1853, in Toronto. It has around 1,700 employees as of December 2020 in its head office at Sheppard,[198] east of Highway 404 in
List of CEOs
See also
- 1995 "Gold Card Dress" of Lizzy Gardner
- Small Business Saturday, a registered trademark of American Express
- J.P. Morgan Reserve Card (Palladium Card) – a competitor to the Centurion Card
- MasterCard, Visa and Discover Card – major competitors
- Credit score in the United States
- Banking in the United States
- American Express Community Stadium in East Sussex, England
External links
References
- Global Business Travel Group, Inc.: Shareholders Board Members Managers and Company Profile | US37890B1008 | MarketScreener UK uk.marketscreener.com^
- AXP Financials nasdaq.com, SEC EDGAR Online, 2022^
- US SEC: Form 10-K American Express Company