American Express 2004 Annual Report Download - page 11
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Our time.
To Our Shareholders: American Express had an outstanding year in 2004 —
one that marked the beginning of a new era for the company. We delivered
record financial results, led an historic change in the card industry and
prepared our businesses to take advantage of substantial opportunities
for growth in the years ahead. Excellent performance in our card business,
increased travel sales and progress in financial services all contributed to
record earnings and revenues. Our focus on improving our economics and
increasing business-building investments over the past three years generated
strong momentum across our businesses in 2004. >
Kenneth I. Chenault, Chairman and Chief Executive Officer