American Express 2004 Annual Report Download - page 26

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Looking Ahead
While we feel very good about American Express’ overall performance in 2004, that’s not
to say we are satisfied. We aspire to be more than a top company in our industries. Our
ultimate goal is to be among the handful of the most consistently successful companies in
the world, regardless of industry. This is an ambitious goal, but one we are excited to pur-
sue and one that we believe we can achieve with the right focus and dedication.
We are well positioned to sustain and even expand upon our excellent performance for
several reasons:
We have strong positions in global payments and network services, with business mod-
els that are differentiated from those of competitors, flexible and adaptable to varying
economic conditions.
Across each of our businesses, we have substantial organic growth opportunities and the
ability to make strategic acquisitions selectively.
We have broad and diverse revenue streams from cardmember spending, lending and
fees; network related services; travel; and our international banking activities.
We have a strong return on equity, with initiatives in place that should generate strong
shareholder value over the moderate to long term.
We are carefully managing risk to help ensure stability in the business.
We have strengthened our balance sheet and improved our capital allocation process.
Our organization has strong morale, talent, leadership and even stronger values.
We take seriously our responsibilities as guardians of one of the world’s best known and
most respected brands.
We are in a time of fundamental change in our industries, and American Express is at the
forefront of that change. In our 154-year history, American Express has constantly trans-
formed our businesses to reach new levels of success. I have no doubt that is exactly what
we will do in the years ahead.
I am proud to represent the people of American Express and want to thank my colleagues
around the world for their dedication to their customers, shareholders and fellow
colleagues.
Sincerely,
Kenneth I. Chenault
Chairman and Chief Executive Officer
February 18, 2005
AXP
AR.04
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