American Express 2009 Annual Report Download - page 8

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To our customers, thanks for staying loyal to
American Express and letting us serve you as best
we can. To our shareholders, thanks for having
faith in us when our stock dove, rebounded, and
then closed the year as the best performer in the
Dow. And to our employees, thanks for helping
American Express not only manage through the
recession, but come out strong and ready to pursue
the many opportunities ahead.
It has been a trying time for everyone. The
economy is mending, but hardly out of danger yet.
Like every company, American Express faces many
challenges. However, our resilience throughout
the past year, the progress we made in 2009, and
the steps we have taken to lay the foundation for a
successful future all give me great condence.
Faced with a nancial system in near freefall and
the longest global recession in decades, the people
of American Express rallied. We saw a chance to
write a new chapter in our company’s history of
overcoming odds and demonstrating leadership.
We focused on a simple formula
—
stay protable,
stay liquid and invest selectively for growth.
ese priorities may not sound exciting. In better
times, you could consider them a fairly low bar.
But in 2009, they posed a very high degree of
diculty. I’m proud to say we made great strides in
every category.
After the events of the past year, I think it’s
important to begin this letter a little differently.
I’d like to start with a simple thank you.
TO OUR SHAREHOLDERS