American Express

American Express Company
	File:American Express logo (2018).svg Logo since 2018
Company type	Public company
Industry	Financial services
Founded	1850; 176 years ago
Headquarters	New York City, United States
Area served	Worldwide
Key people	James D. Robinson III (former CEO), Sanford I. Weill (former president), Lewis Glucksman (former CEO)
Products	Payment cards, travel services, financial services
Owner	Public shareholders
Number of employees	Not specified
Parent	None
Website	www.americanexpress.com

American Express Company, commonly known as Amex, is a prominent American bank holding entity and global financial services firm that focuses on payment card products. Its headquarters are located at 200 Vesey Street in Lower Manhattan. By purchase volume, it stands as the fourth-largest card network worldwide, following China UnionPay, Visa, and Mastercard. As of December 31, 2023, Amex had issued 141.2 million cards globally, with an average yearly expenditure per cardholder amounting to US$24,059, facilitating over $1.7 trillion in transactions during that year. Ranking as the 16th largest bank in the United States, it holds $270 billion in assets—representing 1.1% of FDIC-insured assets—and is positioned 77th on the Fortune 500 list and 28th among Forbes' most valuable brands. In 2023, it was placed 63rd on the Forbes Global 2000 ranking. American Express National Bank functions as a direct banking subsidiary owned by Amex.

Established in 1850 originally as a freight forwarding enterprise, Amex diversified into financial and travel sectors in the early twentieth century. The company launched its inaugural paper charge card in 1958, followed by subsequent introductions of the gold card (1966), green card (1969), platinum card (1984), and Centurion Card (1999). The well-known advertising slogan "Don't Leave Home Without It" debuted in 1975 and was revived in 2005. During the 1980s, Amex acquired a stake in Shearson which it later divested. Throughout the 1990s, the company ceased lowering interchange fees exclusively for merchants accepting Amex cards and expanded its market presence via focused marketing strategies. Amidst the financial crisis of 2008, American Express transitioned into a bank holding company and began offering airport lounge access to select cardholders starting in 2013.

By 2023, Amex commanded a 9% share of the global transaction volume market. Although American Express cards are accepted by 99% of U.S. merchants that take credit cards—except notably Costco—the acceptance rate is more restricted across Europe and Asia. The company provides a diverse range of cards including those offering travel and dining rewards, everyday spending points, and cash back incentives. Prestigious products such as the Green, Gold, and Platinum cards cater to frequent travelers and diners by delivering specialized benefits.

Early history

American Express was founded in Buffalo, New York in 1850 as a freight forwarding firm. It emerged from the consolidation of cash-in-transit operations owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company). After disagreements about expanding American Express into California, Wells and Fargo went on to establish Wells Fargo & Co. in 1852.

Originally based at Jay Street and Hudson Street in Manhattan’s Tribeca neighborhood, American Express dominated express shipments throughout New York State. In 1874, it moved its headquarters to 65 Broadway within Manhattan’s burgeoning Financial District and retained this prime location through two successive buildings.

In 1854, the company purchased land on Vesey Street for stables. Its first New York office was an Italianate marble structure built in 1858 at 55–61 Hudson Street that included a freight depot linked to the Hudson River Railroad. A stable facility was added in 1867 at 4–8 Hubert Street. By 1874, American Express relocated from the shipping area to leased offices at 63 and 65 Broadway owned by the Harmony family.

The year 1880 saw American Express erect a warehouse at 46 Trinity Place featuring distinctive brick arches and a terracotta emblem displaying the company’s eagle insignia. Between 1890 and 1891, it constructed a ten-story building on Hudson Street designed by Edward H. Kendall. By 1903, with assets totaling approximately $28 million—second only to National City Bank of New York—the company acquired full ownership of its Broadway properties.

Under president George Chadbourne Taylor (1868–1923), American Express initiated plans for a new headquarters in 1914 to accommodate its rapid expansion. Although delayed by World War I, the neo-classical American Express Co. Building at 65 Broadway was completed between 1916 and 1917; it rose twenty-one stories high and was designed by J. Lawrence Aspinwall of Renwick, Aspinwall & Tucker. This development unified previous locations under one address and contributed to Broadway’s evolution into a corridor lined with neo-classical office towers.

American Express sold this building in 1975 but continued to operate travel services there. Over time, tenants included investment bankers J.& W. Seligman & Co (1940–74), maritime classification society American Bureau of Shipping (1977–86), J.J. Kenny, and Standard & Poor's, which renamed the building during its occupancy.

National growth

American Express broadened its reach across the United States by partnering with various express companies such as Wells Fargo, alongside railroads and steamship operators. In 1857, the company introduced a money order service to rival those offered by the United States Post Office. Between 1888 and 1890, company president J. C. Fargo pursued an improved alternative to conventional letters of credit after encountering challenges obtaining funds in Europe. He commissioned Marcellus Flemming Berry to devise a solution, leading to the 1891 launch of the American Express Traveler's Cheque available in $10, $20, $50, and $100 denominations.

The Traveler's Cheque helped establish American Express as a global enterprise. When World War I commenced in 1914, American Express was among the limited number of organizations honoring letters of credit for Americans abroad at a time when others refused assistance. The British government designated American Express as its official representative to deliver correspondence, funds, and relief packages to prisoners of war. The company also facilitated cashing drafts for British and French captives and coordinated remittances from their families, ultimately distributing up to 150 tonnes of parcels daily by the conclusion of the conflict.

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

Conclusion of railroad express operations

American Express was one of several monopolistic enterprises scrutinized by President Theodore Roosevelt's Interstate Commerce Commission (ICC) due to its dominant control over railroad express services. The matter remained unsettled until World War I, when critical coal shortages prompted President Woodrow Wilson to nationalize railroads in 1917. Treasury Secretary William Gibbs McAdoo consolidated railway systems for wartime efficiency, invalidating all contracts between express firms and railroads. He proposed uniting all express companies into a single organization, effectively ending American Express's railroad express business and ICC investigations. This initiative resulted in the creation of the American Railway Express Agency in July 1918, which absorbed combined assets from existing companies—including 40% from American Express—encompassing rights over extensive rail networks, 10,000 offices, and a workforce exceeding 30,000 employees.

1920s–1970s

Executives at American Express contemplated launching a travel charge card as early as 1946 but postponed action until after Diners Club introduced its card in 1950. Under CEO Ralph Reed, American Express entered this market late in 1957 by issuing 250,000 cards prior to the formal debut on October 1, 1958. With an annual fee set at $6—higher than Diners Club—the card targeted an upscale clientele. Initially produced on paper with typed information, American Express pioneered embossed plastic cards in 1959.

The Gold Card was unveiled in 1966 to cater specifically to affluent customers with high spending levels.

In 1977, leadership transitioned when James D. Robinson III assumed roles as chairman and CEO.

By 1979, American Express had acquired a half-interest in Warner Communications’ cable subsidiary for $175 million, forming Warner-Amex Satellite Entertainment. This partnership controlled approximately two-thirds of networks such as MTV, Nickelodeon, and The Movie Channel. Despite its significant media presence, the venture did not turn a profit; consequently, in 1985 Amex sold its share to Viacom for $450 million.

1980s and 1990s

During the 1980s, American Express pursued a strategy to transform into a financial services holding company by acquiring various businesses and establishing an investment banking division. In 1981, it acquired Shearson Loeb Rhoades, the second-largest securities firm in the United States at the time, owned by Sanford I. Weill, leading to the creation of Shearson/American Express. Shearson Loeb Rhoades itself had been formed through mergers during the 1970s and had capital of $250 million when purchased.

Sanford Weill was appointed president of American Express in 1983 but stepped down in 1985 following disagreements with CEO James D. Robinson III. The following year, American Express took over Lehman Brothers, integrating it into Shearson Lehman/American Express under the leadership of CEO Lewis Glucksman. Additionally, in 1984, Amex expanded its financial advisory and investment product offerings by acquiring Investors Diversified Services (IDS). In 1988, Shearson Lehman further expanded by purchasing E.F. Hutton & Co., renaming its investment banking division Shearson Lehman Hutton, Inc.

As part of Robinson’s vision to grow international banking services catering to affluent clients, American Express acquired Trade Development Bank, based in Geneva and owned by Edmond Safra, for $550 million in 1983; Safra subsequently joined Amex’s board. However, after disputes and unsuccessful attempts to reacquire the bank, Amex initiated a defamatory campaign against Safra, which led to a public apology and an $8 million donation to charity in 1989. By 1990, American Express divested its Swiss banking operations, which became Union Bancaire Privée (UBP).

In 1984, American Express introduced the Platinum Card, marketed as an "ultra-exclusive" credit card with a $250 annual fee and available only by invitation to high-spending customers. Three years later, in 1987, Amex launched its first revolving credit card called Optima.

In 1991, a collective of Boston-area restaurants organized a boycott against American Express due to its higher merchant fees—approximately 4%, compared to about 1.2% charged by Visa and Mastercard—an event labeled the "Boston Fee Party." This movement gained national traction and prompted fee reductions under Kenneth Chenault’s leadership. Subsequently, Amex expanded acceptance among mainstream retailers such as Walmart and terminated exclusivity agreements by 1991.

American Express spun off First Data through an initial public offering in April 1992.

Harvey Golub assumed the role of CEO in 1993. That year, American Express divested Shearson’s retail brokerage and investment management units to Primerica, which merged these operations with Smith Barney to create Smith Barney Shearson. By June 1994, Amex had completed the spin-off of its remaining investment banking activities as Lehman Brothers, thereby exiting the brokerage business entirely.

In September 1994, Amex unveiled the Optima True Grace card featuring a distinctive grace period applicable to all purchases; this product was discontinued after several years.

In 1998, American Express launched the Blue credit card in the United Kingdom aimed at younger consumers; it incorporated smart chip technology and online billing features. The card was introduced in the U.S. market in 1999 accompanied by an advertising campaign featuring Gary Numan’s song "Cars."

In 1999, American Express debuted the Centurion Card—commonly known as the "black card"—a premium product with high fees targeting ultra-wealthy clients. Initially offered exclusively to select Platinum cardholders, this launch capitalized on long-standing rumors surrounding an exclusive black card for elite users.

21st century

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

Prior to 2004, Visa and Mastercard regulations prevented U.S. banks from issuing American Express cards. These limitations were lifted after antitrust actions initiated by the United States Department of Justice. Consequently, in January 2004, Amex collaborated with MBNA to issue its cards, with the program launching in October that year. Following Bank of America's acquisition of MBNA, a deal was struck whereby Bank of America retained ownership of customer loans while Amex handled transaction processing. The inaugural card from this venture, the Bank of America Rewards American Express card, was introduced in June 2006.

American Express unveiled ExpressPay in June 2005, a contactless payment system utilizing RFID technology. The following month, it launched the American Express Travelers Cheque Card—a stored-value card functioning similarly to traveler's cheques but usable like credit cards; this product was discontinued by October 2007.

On September 30, 2005, Amex separated its financial advisory services into Ameriprise Financial, while its Tax & Business Services division was acquired by RSM McGladrey.

In 2006, American Express UK became a member of the Product Red initiative, issuing a Red Card that contributed proceeds toward combating HIV/AIDS and other illnesses in Africa.

The Plum Card, designed for small business owners, was introduced in late 2007.

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

During the financial crisis of 2008, American Express transitioned into a bank holding company to qualify for government support under TARP. At that time, the company held approximately $127 billion in assets. By mid-2009, Amex had repaid $3.39 billion in TARP funds plus dividends and completed its TARP exit by repurchasing Treasury warrants. Additionally, the company curtailed or closed numerous business credit lines during this period.

In 2009, Amex launched the ZYNC charge card targeted at young adults; this product was eventually discontinued.

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

November 2011 marked a shift when Neiman Marcus, which had exclusively accepted Amex cards since the 1980s, began accepting Visa and Mastercard as well. That year also saw the introduction of the Blue Cash Preferred Card.

In October 2012, the Consumer Financial Protection Bureau mandated that three Amex subsidiaries refund approximately $85 million due to illegal card practices spanning from 2003 to 2012, including deceptive signup bonuses and unauthorized fees. In the same month, Amex partnered with Walmart to launch Bluebird—a prepaid debit card insured by the FDIC featuring benefits such as roadside assistance.

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

The company opened its first airport lounge exclusively for select cardmembers 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 ended its exclusive U.S. partnership with Amex effective in 2016 and similarly in Canada by 2015, switching to Visa and Mastercard with Citigroup as issuer. This partnership accounted for about 8% ($80 billion) of Amex's billed business and roughly 20% ($14 billion) of its interest-bearing credit portfolio. The termination contributed to a 10% drop in profits and a 5% decline in revenue during the subsequent first quarter.

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

The case Ohio v. American Express Co. (2018) involved merchants suing Amex over high fees alleged to breach antitrust laws. U.S. courts upheld Amex's policies preventing merchants from steering customers toward other cards; this ruling was confirmed by the Supreme Court in June 2018.

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

March 2019 featured Amex's acquisition of LoungeBuddy to enhance airport lounge access services. The company also scaled back operations within the EU due to regulatory changes while acquiring Acompay—a digital payment automation platform. In September of that year, Pedestrian Group took over American Express Openair Cinemas across Australia and New Zealand.

Amex acquired Kabbage in 2020; by June 2021 it launched Kabbage Checking—the company's inaugural small business checking account—and offered credit lines up to $150,000 utilizing Kabbage's underwriting technology. By January 2023, Kabbage was rebranded as American Express Business Blueprint.

In January 2021, U.S. federal authorities investigated claims that Amex employed aggressive sales tactics toward corporate clients during 2015–16. Later that year in October, Amex introduced fully digital business checking accounts with debit cards aimed at small and medium-sized enterprises.

Following sanctions connected to Russia’s invasion of Ukraine in March 2022, American Express suspended its operations in Russia and Belarus.

In July 2023, Amex agreed to pay $15 million to settle U.S. Treasury allegations concerning oversight lapses related to third-party affiliates and efforts to retain small business customers. The company reported net income of $8.4 billion for the year—14% above projections—and incurred restructuring expenses up to $277 million.

By June 2024, Amex expanded its dining reservation offerings through acquiring restaurant booking platform Tock (company), complementing its earlier purchase of Resy.

In January 2025, American Express consented to pay roughly $230 million to resolve U.S. criminal and civil investigations into deceptive sales tactics involving credit cards and wire transfer products targeted at small businesses; this included about $108 million in penalties under a non-prosecution agreement with the Department of Justice.

Financial performance

American Express revenue and net profit in billion Template:US$
Year	Revenue	Net profit
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 cards such as the Corporate Meeting Card and Corporate Purchasing Card, which can be allocated to individual employees or specific departments. These offerings include accounting and reconciliation tools designed to simplify corporate expense oversight.

Third-party issued cards

Various financial entities issue American Express cards, including Citibank, First National Bank of Omaha, USAA, Navy Federal Credit Union, Synchrony Financial, and US Bancorp. For instance, Citi issues American Express cards branded for Macy's and Bloomingdale's alongside its own Amex cards, while US Bancorp supports smaller banks through Elan Card Services. Certain credit unions like PenFed also offer Amex cards. Up until August 2023, Wells Fargo issued American Express cards under its own name and for Dillard's stores. It is notable that JPMorgan Chase and Wells Fargo remain the only major U.S.-based Big Four banks without a partnership with American Express.

Card aesthetics

Several American Express cards prominently feature the company’s emblem—a gladiator or centurion—centered on the card face, symbolizing strength and reliability rooted in classical imagery. The design of some cards, particularly the Green card, echoes elements found on United States Federal Reserve Notes.

"Don't Leave Home Without Them"

In 1975, David Ogilvy from Ogilvy & Mather developed the memorable "Don't Leave Home Without Them" campaign promoting American Express Traveler's Cheques, starring actor Karl Malden who served as spokesperson for 25 years in the U.S., while in the UK, Alan Whicker held that role.

As the American Express Card gained prominence surpassing traveler's cheques, the company continued featuring celebrities such as Mel Blanc and ballerina Cynthia Gregory in advertisements that typically opened with a celebrity asking viewers "Do you know me?" without revealing their identity except through the American Express Card bearing their name. Narrator Peter Thomas then guided viewers on how to apply for a card, with each commercial concluding with the tagline: "Don't Leave Home Without It." This slogan was revived again in 2005.

The Adventures of Seinfeld & Superman

In the late 1990s and early 2000s, American Express utilized celebrity endorsements notably featuring comedian Jerry Seinfeld and launched the 2004 webisode series titled "The Adventures of Seinfeld & Superman".

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

Beginning in late 2004 with "My life. My card." followed by "Are You a Cardmember?" in 2007—both crafted by Ogilvy & Mather—American Express showcased numerous high-profile figures who use their products, including:

Actors: Kate Winslet, Robert De Niro, Ken Watanabe, Tina Fey;
Duke University basketball coach Mike Krzyzewski;
Fashion designers Collette Dinnigan and Diane von Fürstenberg;
Comedian and talk show host Ellen DeGeneres;
Golfer Tiger Woods;
Snowboarder Shaun White;
Tennis stars Venus Williams, Andy Roddick, and Andre Agassi;
Surfer Laird Hamilton;
Manchester United manager José Mourinho;
Film directors Martin Scorsese, Wes Anderson, and M. Night Shyamalan;
Singers Sheryl Crow, Alicia Keys, and Beyoncé.

These celebrity partnerships have helped strengthen American Express’s brand presence across various consumer segments and markets.

Animals

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

C. F. Frost

The name "C. F. Frost" often appears on American Express sample credit cards in advertisements. This pseudonym refers to Charles F. Frost, an advertising professional at Ogilvy & Mather.

Cause marketing

American Express was among the pioneers in cause marketing, achieving significant results. In 1983, a campaign committed one cent from every American Express Card transaction to the restoration of the Statue of Liberty, generating $1.7 million and boosting card usage by 28%.

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

Sponsorship

Since 2011, American Express has maintained a £100 million sponsorship agreement with football club Brighton & Hove Albion F.C., which includes naming rights for Falmer Stadium, training facilities, and sponsorship of the men's, women's, youth, and disability teams' jerseys.

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

Awards and recognition

American Express was honored with the Corporate Art Award in 2016 for "best international restoration programme: World's Monument Watch," acknowledging its support of the "World Monuments Watch" initiative by the World Monuments Fund.

Offices

In April 1986, American Express moved its headquarters to New York City's 51-story Three World Financial Center. After sustaining damage caused by the September 11 attacks due to its proximity to the World Trade Center, the company temporarily vacated the premises and gradually returned throughout 2002. Major operational offices are located in Sunrise, Florida, Salt Lake City, Utah, and Phoenix, Arizona, with principal data centers situated in North Carolina and Phoenix.

AMEX Bank of Canada, established in Toronto in 1853, employed approximately 1,700 people as of December 2020 at its Sheppard headquarters and Hamilton branch. Despite initial federal policy opposition, it commenced banking operations on July 1, 1990, following regulatory approval. The bank is affiliated with the Canadian Bankers Association and protected by the Canada Deposit Insurance Corporation.

In the United Kingdom, American Express operates multiple offices including a European Service Center in Brighton (completed in 2012), which replaced the original Amex House built in 1977. This center manages card servicing, sales, fraud prevention, and merchant services. The Europe, Middle East, and Africa headquarters is based at Belgrave House on Buckingham Palace Road in London's Belgravia district. Additional UK locations include offices in Sussex (Burgess Hill) and Manchester. In 2009, planning permission was granted to redevelop the Amex House property.

The Japan, Asia-Pacific, and Australian headquarters share locations in Singapore (16 Collyer Quay) and Sydney's King Street Wharf. The Latin America and Caribbean division is headquartered in Fort Lauderdale, Florida.

American Express has a substantial footprint in India with facilities in Gurgaon (Cyber City) and Bangalore (Bagmane Capital). These centers primarily handle back-office customer service functions alongside domestic credit card operations. The Gurgaon campus ranks among American Express's largest global employee sites and supports business continuity efforts such as during Hurricane Sandy; it operates around-the-clock with an adjacent building recently transitioned to a third-party service provider while continuing to support Amex activities.

Employee satisfaction

The organization frequently appears near the top of rankings for the best workplaces, as acknowledged by Fortune and Mediacorp Canada Inc., demonstrating its robust employee engagement and positive organizational environment.

Chief Executive Officers

Henry Wells (1850–1866)
William Fargo (1866–1881)
J. C. Fargo (1881–1914)
George C. Taylor (1914–1923)
Frederick P. Small (1923–1944)
Ralph Reed (1944–1960)
Howard L. Clark Sr. (1960–1977)
James D. Robinson III (1977–1993)
Harvey Golub (1993–2001)
Kenneth Chenault (2001–2018)
Stephen Squeri (2018–present)

External links