American Express 2010 Annual Report Download - page 66

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•uncertainties associated with business acquisitions, including
the ability to realize anticipated business retention, growth
and cost savings or effectively integrate the acquired business
into our existing operations;
•changes affecting the success of our reengineering and other
cost control initiatives, which may result in the Company not
realizing all or a significant portion of the benefits that
we intend;
•the actual amount to be spent by the Company on investments
in the business, including on marketing, promotion, rewards
and cardmember services and certain other operating
expenses, which will be based in part on management’s
assessment of competitive opportunities and the Company’s
performance and the ability to control and manage operating,
infrastructure, advertising and promotion expenses as
business expands or changes;
•the effectiveness of the Company’s risk management policies
and procedures, including credit risk relating to consumer
debt, liquidity risk in meeting business requirements and
operational risks;
•changes affecting our ability to accept or maintain deposits
due to market demand or regulatory constraints, such as
changes in interest rates and regulatory restrictions on our
ability to obtain deposit funding or offer competitive interest
rates, which could affect our liquidity position and our ability
to fund our business; and
•factors beyond our control such as fire, power loss, disruptions
in telecommunications, severe weather conditions, natural
disasters, terrorism, “hackers” or fraud, which could affect
travel-related spending or disrupt our global network systems
and ability to process transactions.
A further description of these uncertainties and other risks can
be found in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2010, and the Company’s other reports
filed with the SEC.
64
AMERICAN EXPRESS COMPANY
2010 FINANCIAL REVIEW