American Express 2012 Annual Report Download - page 7

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Billed business rose 8 percent to a record $888 billion on broad-based growth in
spending among consumers, small businesses and corporations globally. Higher spending
per card, combined with an expanding cardmember base, drove the increase.
BILLED BUSINESS
(in billions)
CARDS-IN-FORCE
(in millions)
08
$683
09
$620
10
$7 1 3
11
$822
12
$888
08
92.4
09
87.9
10
91.0
11
97.4
12
102.4
Well-controlled expenses: We are committed to controlling expenses while
also making healthy investments in our future. Going into 2012, we sought to
grow operating expenses at a slower rate than revenues. After meeting that goal,
we now have a more ambitious one. For the next two years, we aim to hold annual
operating expense increases to less than 3 percent. The fl exibility we gain from
a well-controlled opex base would help us meet a related objective: to maintain
marketing and promotion investments at about 9 percent of revenues.
MARKETPLACE MOVES
During 2012, we made many moves to better serve our customers and drive
commerce, including:
• Premium card launches and upgrades that earned more business from high-
spending cardmembers
• Programs designed to help merchants build their businesses, such as the
third annual Small Business Saturday, and enhanced fraud prevention and
merchant fi nancing services
To Our Shareholders
2012 Financial
Results
Marketplace Moves
Shareholder Returns
Foundational
Changes
Advantages in a
Digital Economy
A Broad Footprint
Customer Focus
Board of Directors
Change and Tradition
AMERICAN EXPRESS COMPANY
5