American Express 2005 Annual Report Download - page 11

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DELIVERING RESULTS
To Our Shareholders: Change drives progress. American Express
proved this in 2005. We delivered record earnings while reshaping
the company for a stronger future. Key developments such as
the spin-off of our financial planning unit, the industry-leading
performance of our payments businesses, and the promising start
of our network business in the United States marked the beginning
of a new era of opportunity for our company.