American Express 2002 Annual Report Download - page 9

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I7AXPI
OF OUR BUSINESS MODELS AND OUR IMPROVED RISK PROFILE,
WHICH HAVE HELPED TO LOWER OUR EXPENSE BASE
AND STRENGTHEN OUR BALANCE SHEET.
WE CONTINUED TO MAKE OUR BUSINESS MODELS MORE ADAPTABLE AND BETTER ABLE TO NAVIGATE THROUGH BOTH GOOD AND
BAD ECONOMIC CYCLES. ❙WE DELIVERED MORE THAN $1 BILLION IN SAVINGS AND IMPROVED MAJOR BUSINESS PROCESSES
THROUGH REENGINEERING, EXPANDED OUR USE OF THE INTERNET TO SERVE CUSTOMERS, CONTINUED TO DIVERSIFY CARD
SPENDING BY LOWERING OUR RELIANCE ON THE TRAVEL AND ENTERTAINMENT SECTOR, FORGED PARTNERSHIPS THAT ENHANCE
OUR CAPABILITIES, AND DEVELOPED MORE SUSTAINABLE SOURCES OF INVESTMENT FUNDING. ❙THESE EFFORTS HAVE ALLOWED
US TO GENERATE SOLID GROWTH IN 2002 EARNINGS, EVEN IN A WEAK ENVIRONMENT, WHILE ALSO INCREASING MARKETING AND
OTHER BUSINESS-BUILDING INITIATIVES.
LITY