AMEX Bank of Canada

American Express Company

Logo since 2018
Company type	Public
Industry	Financial services
Founded	1 January 1850 (1850-01-01) in Buffalo, New York, U.S.
Headquarters	New York City , United States
Area served	Worldwide
Key people	James D. Robinson III (former CEO), Sanford I. Weill (former president)
Products	Payment cards, charge cards, travel-related services, banking
Number of employees	Not specified
Parent	None
Website	americanexpress.com

American Express Company, commonly known as Amex, is a U.S.-based bank holding entity and global financial services firm with a focus on payment card products. Its headquarters are located at 200 Vesey Street in New York City. By purchase volume, it is the fourth-largest card network worldwide, trailing behind China UnionPay, Visa, and Mastercard. As of December 31, 2023, Amex had issued 141.2 million cards internationally, with cardholders spending an average of US$24,059 annually. That year, it processed purchase transactions exceeding $1.7 trillion. Ranking as the 16th largest bank in the United States, American Express holds assets totaling $270 billion, representing 1.1% of all FDIC-insured assets. It was positioned 77th on the Fortune 500 list and ranked 28th among the most valuable brands according to Forbes. In 2023, Amex secured the 63rd spot on the Forbes Global 2000 ranking. Its subsidiary, American Express National Bank, functions as a direct banking institution.

Established in 1850 initially as a freight forwarding business, Amex broadened its scope to include financial and travel-related services by the early twentieth century. The company introduced its inaugural paper charge card in 1958, followed by subsequent launches of the gold card in 1966, green card in 1969, platinum card in 1984, and the Centurion Card in 1999. The iconic "Don't Leave Home Without It" advertising campaign made its debut in 1975 and was revitalized in 2005. During the 1980s, Amex acquired a stake in Shearson but later divested it. In the 1990s, it stopped reducing interchange fees for merchants exclusive to Amex cards and expanded its market presence through focused marketing strategies. Amid the financial crisis of 2008, it transitioned into a bank holding company. Since 2013, Amex has operated airport lounges available to select cardholders.

In terms of global transaction volume for 2023, American Express commanded a 9% market share. It is accepted by approximately 99% of U.S. merchants that accept credit cards—though notably not at Costco—but its acceptance is more restricted across European and Asian markets. The company offers a diverse portfolio of cards catering to travel and dining rewards, everyday spending incentives, and cash-back benefits. Its premier Green, Gold, and Platinum cards are designed specifically for frequent travelers and diners by providing customized perks and reward programs.

Early history

American Express was founded in 1850 in Buffalo, New York through the consolidation of cash-in-transit businesses owned by Henry Wells, William G. Fargo, and John Warren Butterfield. Following opposition to expansion into California, Wells and Fargo went on to establish Wells Fargo & Co. in 1852.

The company initially set up its main office at Jay and Hudson Street within Manhattan’s Tribeca district and quickly dominated express shipping services throughout New York State. In 1874, headquarters moved to 65 Broadway in Manhattan’s Financial District, where it remained housed within two structures.

In 1854, American Express purchased property on Vesey Street intended for stables and opened its first New York headquarters in an Italianate marble building constructed in 1858 at 55–61 Hudson Street; this facility included a freight depot connected to the Hudson River Railroad. A stable facility was added in 1867 at 4–8 Hubert Street. Continued expansion led to relocating offices in 1874 to leased space at numbers 63 and 65 Broadway owned by the Harmony family.

By the year 1880, the company erected a warehouse at 46 Trinity Place featuring distinctive brick arches adorned with terracotta eagle emblems representing American Express. Between 1890 and 1891, it built a ten-story structure on Hudson Street designed by Edward H. Kendall. By 1903—when assets reached approximately $28 million second only to National City Bank of New York—it acquired full ownership of its Broadway properties.

During George Chadbourne Taylor’s presidency (1914–23), American Express commissioned a new headquarters to replace outdated buildings. Completed in 1917, this neo-classical twenty-one-story edifice at 65 Broadway was designed by J. Lawrence Aspinwall from Renwick, Aspinwall & Tucker architects. This construction consolidated earlier locations and contributed significantly to Broadway’s evolution into a corridor dominated by neo-classical office towers.

Though American Express sold this building in 1975, it continued operating travel services there afterward. Over time, various tenants occupied the space including investment banking firm J.& W. Seligman & Co (1940–74), maritime classification society American Bureau of Shipping (1977–86), J.J. Kenny, and Standard & Poor's, which eventually renamed the building.

National expansion

American Express grew its presence across the United States by partnering with other express companies, such as Wells Fargo, which had succeeded the two firms that combined to create American Express. Collaborations also extended to railroads and steamship lines. In 1857, the company initiated a money order service aimed at rivaling the money orders offered by the United States Post Office. Between 1888 and 1890, then-president J. C. Fargo sought an improved alternative to traditional letters of credit, which he found cumbersome when traveling overseas. He assigned Marcellus Flemming Berry to devise a new product, leading to the 1891 introduction of the American Express Traveler's Cheque in $10, $20, $50, and $100 denominations.

The launch of Traveler's Cheques established American Express as a frontrunner in international financial services. When World War I began, American Express was one of the few firms still honoring letters of credit for Americans abroad while others withdrew support. The British government designated American Express as its official agent for delivering letters, funds, and relief packages to British prisoners of war. The company’s staff cashed drafts on behalf of prisoners and coordinated remittances from their families, distributing up to 150 tons of parcels daily across six nations by the war’s conclusion.

In 1915, American Express created its travel division and inaugurated its first travel agency. Albert K. Dawson was instrumental in expanding international operations and fostering tourism relations with the Soviet Union. During World War I, Dawson also served as a photographer and film correspondent embedded with the German military.

End of railroad express business

American Express was among several monopolistic enterprises investigated by President Theodore Roosevelt's Interstate Commerce Commission (ICC) due to its dominant position in the railroad express sector. This situation was resolved during World War I when President Woodrow Wilson nationalized the railroads in 1917 to aid the war effort. Treasury Secretary William Gibbs McAdoo terminated all contracts between express companies and railroads and proposed consolidating them into one organization. This action brought an end to American Express’s express operations and removed ICC oversight. In July 1918, the American Railway Express Agency was established, merging assets from existing companies—40% of which originated from American Express, which controlled rights over a significant portion of rail lines, operated 10,000 offices, and employed more than 30,000 workers.

1920s–1970s

American Express considered launching a travel charge card as early as 1946 but only fully entered the market following the debut of Diners Club in 1950. Under CEO Ralph Reed, American Express issued 250,000 cards prior to its official launch on October 1, 1958. Marketed as a premium offering with a $6 annual fee—higher than Diners Club—the initial cards were paper-based with information typed onto them. In 1959, the company pioneered embossed plastic cards.

In 1966, American Express introduced the Gold Card aimed at affluent customers with higher spending habits.

James D. Robinson III assumed the roles of chairman and CEO in 1977.

In 1979, American Express purchased a 50% interest in Warner Communications' cable division for $175 million, creating Warner-Amex Satellite Entertainment, which controlled approximately two-thirds of MTV, Nickelodeon, and The Movie Channel. The partnership proved unprofitable; consequently, in 1985 Amex sold its share to Viacom for $450 million.

1980s and 1990s

Throughout the 1980s, American Express embarked on a strategic shift to become a financial services holding company by acquiring multiple firms and launching an investment banking division. In 1981, it purchased Shearson Loeb Rhoades, the second-largest securities firm in the United States at that time, led by Sanford I. Weill. This acquisition resulted in the creation of Shearson/American Express. Shearson Loeb Rhoades itself was formed through a series of mergers during the 1970s, including the 1974 union of Hayden, Stone & Co. with Shearson, Hammill & Co., which produced Shearson Hayden Stone, followed by a 1979 merger with Loeb, Rhoades, Hornblower & Co. With $250 million in capital at the time of acquisition, the firm was second only to Merrill Lynch.

Following the acquisition, Sanford Weill was appointed president of American Express in 1983 but stepped down in 1985 amid disagreements with CEO James D. Robinson III and limited prospects for advancement to CEO. In 1984, American Express expanded further by acquiring Lehman Brothers and incorporating it into Shearson as Shearson Lehman/American Express, appointing Lehman’s CEO Lewis Glucksman to lead the division. That year also saw the acquisition of Investors Diversified Services (IDS), broadening American Express’s portfolio in financial advisory and investment products. In 1988, Shearson Lehman acquired E.F. Hutton & Co., integrating it into its investment banking operations under the new name Shearson Lehman Hutton, Inc.

As part of its international growth strategy focusing on affluent clients, American Express purchased Geneva-based Trade Development Bank (TDB) from Edmond Safra in 1983 for $550 million; Safra subsequently joined American Express’s board. However, after sidelining TDB’s executives, Safra sought to repurchase the bank and later established a rival institution. In retaliation, American Express orchestrated a defamatory campaign against Safra involving FBI probes and criminal accusations. This scandal culminated in the resignation of American Express’s public relations chief and a public apology in 1989, accompanied by an $8 million donation to charity. By 1990, American Express divested its Swiss banking interests, leading to the formation of Union Bancaire Privée.

In 1984, American Express introduced the Platinum Card as an "ultra-exclusive" credit card available by invitation only to high-spending clients with solid payment records; it carried a $250 annual fee. Three years later, in 1987, the company launched the Optima card—its first credit card permitting revolving balances instead of requiring full payment every month.

In 1991, more than 250 U.S.-based restaurants—primarily from Boston—ceased accepting American Express due to its higher merchant fees (approximately 4%) compared to Visa and Mastercard (around 1.2%). This protest became known as the "Boston Fee Party." Visa supported these merchants financially during this dispute while Discover Card expanded its market acceptance. Kenneth Chenault, then leading Travel Related Services at American Express, responded by lowering fees to win back merchant support and shifted the company’s approach from exclusivity toward wider acceptance across retailers including Walmart. Previously, American Express had offered discounted fees to merchants who accepted only its cards—a practice that provoked competitor complaints and largely ended by 1991.

In April 1992, American Express completed an initial public offering to spin off First Data.

Harvey Golub assumed the CEO role in 1993; during that year, American Express sold Shearson’s retail brokerage and investment management units to Primerica, which merged them with Smith Barney to create Smith Barney Shearson.

By June 1994, American Express finalized divesting its remaining investment banking and institutional businesses as Lehman Brothers, thereby exiting brokerage activities entirely.

In September 1994, American Express unveiled the Optima True Grace card offering a grace period on all purchases regardless of whether there was an outstanding balance; this product was discontinued several years later.

The Blue credit card was launched in the United Kingdom in 1998 targeting younger consumers with features such as smart chip technology and online account management; it expanded into the U.S. market in 1999 accompanied by a prominent advertising campaign featuring Gary Numan’s song "Cars."

In 1999, American Express introduced the Centurion Card—widely known as the "black card"—aimed at ultra-wealthy customers and initially extended only to select Platinum cardholders. This move capitalized on longstanding rumors about an exclusive black card offering limitless spending power for elite users.

21st century

In December 2000, American Express purchased a $226 million credit card portfolio from Bank of Hawaii, then under Pacific Century Financial Corporation. This portfolio was sold to Bank of America (MBNA) in January 2006.

Prior to 2004, Visa and Mastercard regulations prohibited U.S. banks from issuing American Express cards. These limitations were removed following antitrust actions by the United States Department of Justice. Consequently, in January 2004, American Express teamed up with MBNA to begin card issuance, officially launching in October that year. After Bank of America acquired MBNA, it held the customer loans while Amex managed transaction processing, leading to the debut of the Bank of America Rewards American Express card in June 2006.

Amex introduced ExpressPay, a contactless payment system utilizing RFID technology, in June 2005. The following month, it released the American Express Travelers Cheque Card, which was discontinued by October 2007.

On September 30, 2005, Amex separated its financial advisory division as Ameriprise Financial and divested its Tax & Business Services unit to RSM McGladrey.

The UK branch joined the Product Red initiative in 2006, issuing a Red Card to support global health programs.

In late 2007, the Plum Card was launched targeting small business owners.

March 2008 saw Amex acquire General Electric's Corporate Payment Services for $1.1 billion, adding V-Payment—a single-use card number product—to its offerings. That same month, Standard Chartered Bank purchased American Express Bank Ltd for $823 million.

Amid the 2008 financial crisis, Amex converted into a bank holding company to qualify for government aid under TARP. By mid-2009, it repaid $3.39 billion plus dividends and concluded TARP obligations by July while scaling back or closing various credit business lines.

In 2009, Amex rolled out the ZYNC charge card aimed at younger consumers; this product was later discontinued.

In November 2010, the Office of Fair Trading issued a warning to Amex UK regarding questionable debt collection practices.

By November 2011, Neiman Marcus ended its exclusive acceptance of Amex cards in favor of Visa and Mastercard. That year also marked the introduction of the Blue Cash Preferred Card.

In October 2012, the Consumer Financial Protection Bureau mandated that Amex subsidiaries refund $85 million due to unlawful card practices spanning 2003 to 2012. Additionally, Amex collaborated with Walmart to launch Bluebird—a prepaid debit card with FDIC insurance and enhanced protections.

Amex divested most of its magazine titles—including Travel + Leisure and Food & Wine—to Time Inc. in October 2013.

The company's inaugural airport lounge for select cardmembers opened in 2013.

In March 2014, Amex spun off its corporate travel division as American Express Global Business Travel, selling a half stake for $900 million.

Costco terminated its exclusive U.S. partnership with Amex in 2016 (and in Canada in 2015), transitioning to Citigroup-issued Visa cards. This alliance accounted for roughly 8% ($80 billion) of Amex's billed business and about 20% ($14 billion) of its interest-bearing credit portfolio. The loss had a notable negative effect on profits and revenues in later quarters.

On March 1, 2017, ANZ (bank) announced it would cease issuing Amex cards by August. Later that year in October, Amex established a joint venture named LianTong (连通) in China and secured a local bank card clearing license by June 2020.

In the case Ohio v. American Express Co. (2018), merchants challenged Amex over allegedly excessive fees violating antitrust laws. Courts upheld Amex's restriction preventing merchants from steering customers toward other cards; this decision was affirmed by the Supreme Court in June 2018.

The Gold Card transitioned into a credit card for UK customers in 2018 but remained a charge card within the U.S.

Amex acquired LoungeBuddy in March 2019 to broaden pay-per-use airport lounge access and scaled back its European Union operations due to regulatory changes. It also purchased Acompay, a platform specializing in digital payment automation. In September that year, Pedestrian Group took over American Express Openair Cinemas across Australia and New Zealand.

In August 2020, American Express expanded into small business lending and digital banking by acquiring Kabbage. The first checking account under Kabbage launched in June 2021; credit lines up to $150,000 are extended through automated underwriting processes. Kabbage was rebranded as American Express Business Blueprint in January 2023.

U.S. regulators investigated Amex in January 2021 for alleged aggressive sales tactics from previous years. By October, Amex introduced fully digital business checking accounts with debit cards catering to small and medium enterprises.

Following sanctions imposed after Russia’s invasion of Ukraine in March 2022, Amex suspended all operations within Russia and Belarus.

In July 2023, American Express agreed to pay $15 million to resolve claims related to insufficient oversight of third-party affiliates and regulatory breaches concerning retention of small business clients. The company reported net income of $8.4 billion for 2023—14% above forecasts—and incurred restructuring expenses up to $277 million.

June 2024 saw Amex acquire Tock, a restaurant reservation platform that complements its prior acquisition of Resy.

In January 2025, American Express consented to pay approximately $230 million to settle U.S. criminal and civil investigations into deceptive sales practices targeting small business customers; this settlement included $108 million in penalties alongside a non-prosecution agreement with the Department of Justice.

Financial performance overview

American Express annual revenue and net profit in billion Template:US$

Year	Revenue	Net income
2024	65.9	10.1
2023	60.5	8.4
2022	55.6	7.4
2021	43.6	7.9
2020	38.1	3.0
2019	47.0	6.6
2018	43.2	6.7
2017	38.9	2.6
2016	37.1	5.2
2015	34.4	5.0
2014	35.8	5.8
2013	34.8	5.3
2012	33.7	4.4
2011	32.2	4.8
2010	30.0	4.0
2009	26.5	2.1

Corporate-specific cards

American Express provides tailored business credit cards such as the Corporate Meeting Card and Corporate Purchasing Card, which can be allocated to individual employees or departments and come equipped with integrated tools for reconciliation and accounting to simplify expense tracking within organizations.

Third-party issued cards

In addition to directly issued cards, American Express partners with financial institutions including Citibank, First National Bank of Omaha, USAA, Navy Federal Credit Union, Synchrony Financial, and US Bancorp to offer co-branded cards like Macy's and Bloomingdale's cards issued by Citi, thereby broadening its market presence. Certain credit unions such as PenFed also distribute Amex cards. Until August 2023, Wells Fargo issued Amex-branded cards for its own customers and for Dillard's as well. It is noteworthy that JPMorgan Chase and Wells Fargo are the only major U.S.-based banks yet to form partnerships with American Express.

Card aesthetics

Several American Express cards prominently display the company’s emblem featuring a gladiator or centurion figure at their center, a symbol drawn from ancient history that conveys durability and reliability. The design of the Green card notably mirrors elements found on United States Federal Reserve Notes.

"Don't Leave Home Without Them"

The iconic "Don't Leave Home Without Them" campaign was launched in 1975 by David Ogilvy of Ogilvy & Mather to promote American Express Traveler’s Cheques, featuring Academy Award-winning actor Karl Malden who served as the brand ambassador for a quarter century. In the United Kingdom, Alan Whicker acted as the campaign’s spokesperson.

As American Express shifted focus from traveler's cheques to credit cards, it continued leveraging celebrity endorsements including voices like Mel Blanc and ballerina Cynthia Gregory. Advertisements typically presented a celebrity asking viewers “Do you know me?” accompanied by clues to their identity but never explicitly naming them; their name appeared only on the American Express Card shown in the ad. Narrator Peter Thomas then guided viewers on how to apply for the card, with each commercial concluding with the celebrity’s reminder: “Don't Leave Home Without It.” This slogan was revived in 2005 for renewed marketing efforts.

The Adventures of Seinfeld & Superman

American Express has utilized celebrity partnerships in its marketing efforts, particularly featuring comedian Jerry Seinfeld during the late 1990s and in the 2004 webisode series titled "The Adventures of Seinfeld & Superman".

"My life. My card. / Are You a Cardmember?"

The "My life. My card." campaign was introduced by American Express in late 2004, followed by the "Are You a Cardmember?" initiative in 2007, both developed by Ogilvy & Mather. These campaigns showcased prominent figures who reflect the brand’s upscale image, such as:

• Actors: Kate Winslet, Robert De Niro, Ken Watanabe, and Tina Fey
• Athletes: Duke basketball coach Mike Krzyzewski, golfer Tiger Woods, snowboarder Shaun White, tennis players Venus Williams, Andy Roddick, and Andre Agassi, surfer Laird Hamilton, along with Manchester United manager José Mourinho
• Fashion industry leaders: Collette Dinnigan and Diane von Fürstenberg
• Entertainment hosts: Comedian and talk show presenter Ellen DeGeneres
• Film directors: Martin Scorsese, Wes Anderson, and M. Night Shyamalan
• Vocalists: Sheryl Crow, Alicia Keys, and Beyoncé

These celebrity endorsements have strengthened American Express’s reputation as a premium financial services provider catering to affluent customers in various sectors.

Animals

The 2007 two-minute black-and-white commercial "Animals," starring Ellen DeGeneres, earned the prestigious Emmy Award for Outstanding Commercial.

C. F. Frost

A recurring element in many American Express advertisements is a sample card bearing the name "C. F. Frost," which pays tribute to Charles F. Frost, an advertising executive at Ogilvy & Mather.

Cause marketing

American Express was among the pioneers in adopting cause marketing with significant achievements. A 1983 initiative committed one cent from every card transaction to the restoration of the Statue of Liberty, generating $1.7 million and increasing card usage by nearly 28%.

In May 2007, the company introduced the Members Project, encouraging cardholders to propose project ideas, with American Express funding the winning submission.

Sponsorship

Since 2011, American Express has maintained a £100 million sponsorship agreement with football club Brighton & Hove Albion F.C.. This partnership includes naming rights for Falmer Stadium, access to training facilities, and shirt sponsorship across the men’s, women’s, youth, and disability teams.

In May 2024, American Express became the official partner of the F1 Academy, a female-exclusive single-seater racing series established by Formula One. The collaboration features American Express branding on driver Jessica Edgar’s car livery and racing suit throughout the 2024 season.

Awards and recognition

In 2016, American Express was honored with the Corporate Art Award from pptArt for delivering the "best international restoration programme: World's Monument Watch." The company also supports the "World Monuments Watch," an initiative launched by the World Monuments Fund in 1995.

Offices

In April 1986, American Express relocated its corporate headquarters to the 51-story Three World Financial Center situated in New York City. Following structural damage sustained during the September 11 attacks due to its close proximity to the World Trade Center, the company temporarily shifted operations but began reoccupying the premises in 2002. The organization maintains significant office facilities in Sunrise, Florida, Salt Lake City, Utah, and Phoenix, Arizona, with principal data centers located in North Carolina and Phoenix.

Established in 1853 in Toronto, AMEX Bank of Canada employed approximately 1,700 individuals at its Sheppard headquarters as of December 2020. Although initially facing regulatory resistance, it commenced banking activities in 1990 after receiving governmental authorization. The bank holds membership in the Canadian Bankers Association and benefits from insurance coverage by the Canada Deposit Insurance Corporation.

Within the United Kingdom, American Express operates a European Service Center positioned in Brighton’s Carlton Hill district, completed in 2012 as a successor to the former Amex House constructed in 1977. This facility manages functions such as card servicing, sales, fraud detection, and merchant services. The Europe, Middle East, and Africa regional headquarters is based at Belgrave House in London’s Belgravia neighborhood. Additional UK offices are located in Burgess Hill, Sussex, and Manchester. In November 2009, planning approval was granted for redevelopment of the Amex House property.

The headquarters for Japan, Asia-Pacific, and Australia are jointly situated in Singapore at 16 Collyer Quay and Sydney’s King Street Wharf precinct. The Latin America and Caribbean regional office is headquartered in Fort Lauderdale, Florida.

American Express holds a substantial operational footprint in India with centers established in Gurgaon (Cyber City) and Bangalore (Bagmane Capital). These sites primarily focus on back-office customer support and domestic credit card services. The Gurgaon facility ranks among the company’s largest employment hubs worldwide and supports continuous business operations with around-the-clock staffing.

Job satisfaction

American Express consistently achieves recognition as a top employer, earning accolades from Fortune and Mediacorp Canada Inc. for excellence in employee satisfaction and workplace environment.

List of CEOs

1. Henry Wells (1850–1866)
2. William Fargo (1866–1881)
3. J. C. Fargo (1881–1914)
4. George C. Taylor (1914–1923)
5. Frederick P. Small (1923–1944)
6. Ralph Reed (1944–1960)
7. Howard L. Clark Sr. (1960–1977)
8. James D. Robinson III (1977–1993)
9. Harvey Golub (1993–2001)
10. Kenneth Chenault (2001–2018)
11. Stephen Squeri (2018–present)

See also

• 1995 "Gold Card Dress" designed by Lizzy Gardner
• Small Business Saturday, a trademark owned by American Express
• J.P. Morgan Reserve Card (Palladium Card) – competitor to the Centurion Card
• MasterCard, Visa, and Discover Card – primary competitors
• Credit score in the United States
• Banking in the United States
• American Express Community Stadium located in East Sussex, England