American Express 2011 Annual Report Download - page 11

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We deliver benefits, rewards, savings and experiences for our customers, and
business-building insights for our merchant partners. We do this with a firm
commitment to privacy. And it’s all from a trusted brand powered by more than
62,000 people ready to go above and beyond toserve.
We view our jobs as opening up a world of possibilities, advantages and
connections for life andbusiness.
+ A CHALLENGING ENVIRONMENT
As you can see, I’m excited about our future
and the opportunities to help our customers
in new and expanding ways. But I’m also
realistic about the many challengesahead.
We face dicult economies across most of our
major markets. Many things could stall the
recovery, or throw it into reverse, including
the European banking crisis, the U.S. debt
impasse, the prospect of slower growth in
China and still-high unemployment in many
parts of the world. While we have seen some
increasingly encouraging economic data of
late, there’s little to suggest that growth will
accelerate sharply anytimesoon.
Increased regulation is also creating a more complex business environment.
Over the past few years, the card industry has seen the most significant period
of regulatory and legislative change in its history. American Express is adapting
to this new environment. Many of our bank card-issuing competitors have been
aected more than we have because of their greater reliance on lending and debit
cards. As legislators and regulators continue to scrutinize the financial services
industry, we aim to set ourselves apart by providing excellent service and value
to all of our customers. We also recognize that the bar is being raised for everyone
in our industry by the expectations of both regulators and consumers.
Beyond the tough economy and increased regulation, we are seeing more
competition for our premium customers as others seek to emulate our success.
At the same time, traditional and nontraditional competitors are all trying to
crack the code on mobilecommerce.
To Our Shareholders
Investments and
Eciency
Our Transformation
The Digital
Convergence
A Challenging
Environment
Thank You
R
MOBILE APPS
New apps for smartphones
and tablets allow
cardmembers to access their
accounts wherever they go.
AMERICAN EXPRESS COMPANY
9