American Express 2003 Annual Report Download - page 9
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WE’VE IMPROVED OUR BUSINESS IN FUNDAMENTAL WAYS. Three years ago,
we began to transform our business model — reengineering to improve our eco-
nomics and generate the resources to reinvest in growth; improving our risk profile;
and diversifying our revenue streams. Our aim was to deliver consistently strong
earnings even in a difficult economic environment.
We furthered these efforts in 2003 by:
°generating over $1 billion in reengineering benefits for the third year in a row;
°achieving industry-leading credit quality, with charge and lending write-off rates
at or near historic lows;
°aggressively growing everyday spending on our card products, further reducing
our traditional reliance on travel and entertainment; and
°increasing our product breadth across our businesses.
As a result, American Express is stronger and has built a solid platform for growth.
Pictured below:
American Express continued to increase card acceptance and cardmember spending
at everyday locations, such as quick-serve restaurants, retail stores, supermarkets
and gas stations.