American Express 2001 Annual Report Download - page 28

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Summary
We took many fundamental steps to strengthen our business in 2001. While
we expect the economy to remain weak this year, we are confident that
American Express is in a strong position to grow over the moderate and long
term. We have a number of exceptional assets – including our brand, our cus-
tomer base, our global presence and creative, dedicated employees – that we
can leverage to capitalize on the substantial growth opportunities in global pay-
ments and retail financial services. Moreover, we improved the flexibility of our
business models, an effort we began a few years ago and dramatically acceler-
ated in 2001. This should better position the company to deliver more stable
earnings growth, as well as free up funds to invest in growing our core busi-
nesses and better prepare us for uncertain times.
American Express has been through difficult periods before. At various times
in our history, wars, depressions and natural disasters have dealt severe blows
to travel and consumer spending. In every instance, though, we learned
to adjust. We strengthened our business. We emerged a better and stronger
company. The past year is no exception.
Our brand is strong. Our commitment to customer service is strong. The actions
we took in 2001 are helping to ensure that our premium competitive position
remains strong. These strengths are as critical today as they have been through-
out our 151-year history.
Sincerely,
Kenneth I. Chenault
Chairman and
Chief Executive Officer February 22, 2002
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