American Express 2002 Annual Report Download - page 24

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and retail financial services are sound. While we have
made many changes to our business models over the past
two years, they are grounded in consistent principles
and do not represent changes to our identity.
A corporate identity is also about what you stand for
as an organization. Given our long history, what we
stand for at American Express is well established. We
are a premium provider, committed to demonstrating
the qualities inherent in our brand — trust, integrity,
service and quality. We aim for any product or service
we offer, and any management action we take, to
support our brand and reflect these qualities.
Being a premium provider is at the heart of who we
are in the marketplace. While American Express is a
leader in serving the affluent and upscale market in
most of our businesses, being a premium provider does
not just mean serving elite customers. For us, it means
providing products and services that offer premium
value in every line of business and for every customer
segment we choose to serve.
By providing premium value to our customers, we will
earn their loyalty and have greater pricing flexibility
in the marketplace. To ensure this takes place, we are
increasing the rigor we bring to measuring what
superior value means to our customers, developing the
right products and services to meet those needs better
than our competitors, and having the appropriate
measures in place to reward performance against our
customer goals.
Our commitment to customers is paralleled by our
commitment to our employees. At American Express,
we work hard to create an environment in which all of
our people feel that they are valued and can thrive.
Staying true to this commitment, particularly in tough
times, is essential.
Some of the changes that we have made in the past
two years in response to the harsh environment, such
as our workforce reductions, have involved difficult
choices. By the close of 2002, we had reduced our
workforce by 13,400 positions, or 15 percent, from
where we stood at the start of 2001. This change was
painful for the organization but necessary to strengthen
RETURN AND RENEWAL_ Eight months after the attacks of September 11, 2001, the company’s return
to its restored headquarters symbolized the company’s commitment to help revitalize lower Manhattan.
Continuing its longstanding tradition of good corporate citizenship, American Express sponsored a
variety of events to bring people back downtown, including the first-ever Tribeca Film Festival and the
Downtown NYC River to River Festival 2002.
I22 AXPI