American Express 2003 Annual Report Download - page 5
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2003 was an outstanding year for American Express. We delivered record earnings
and met or exceeded all of our long-term financial targets, while significantly increas-
ing our investments in the business to generate future growth. Those investments are
paying off: we built strong momentum in the latter part of the year as the environment
improved, and we believe we are now in our best competitive position in many years.
KENNETH I. CHENAULT, Chairman and Chief Executive Officer