American Express 2001 Annual Report Download - page 6
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To our shareholders:
In many ways, 2001 was one of the most challenging years American
Express has seen in its 151-year history. During the first half
of the year, we were confronted with a weakening economy,
depressed equity markets, historically high default rates
for high-yield securities and a sharp slowdown in spending
by Corporate Cardmembers. This was followed by the ter-
rorist attacks of September 11, which led to even sharper
slowdowns in corporate and consumer spending, business
travel and investment activity.
Kenneth I. Chenault
Chairman and
Chief Executive Officer