American Express 2012 Annual Report Download - page 4

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TO OUR SHAREHOLDERS:
An uphill climb doesn’t mean you can’t go far.
Against the backdrop of a slow-growth environment, American Express delivered a strong
total shareholder return in 2012 by controlling expenses, improving credit quality and
generating higher revenues in all of our major business segments.
We grew purchase volume on our network much faster than the pace of the economy. We
added new customers beyond our traditional base. And we looked ahead by retooling and
restructuring the company for continued success as a leader in digital commerce.
AMERICAN EXPRESS COMPANY
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