American Express 2013 Annual Report Download - page 13

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UNLOCKING GROWTH POTENTIAL: My last example of
transformation involves a change in one of our longest-standing
businesses. In September, we announced plans to form a 50-50
joint venture to accelerate the growth of American Express
Global Business Travel (GBT). The deal is subject to definitive
agreements and regulatory approval.
The joint venture would bring added resources to develop new
products, attract new customers and expand the business globally.
Our partner, an investor group led by Certares, intends to invest
between $700 million and $1 billion to help grow GBT. The new
company would retain the American Express brand, as well as
its close connections with our commercial card business.
The business travel environment has been challenging, but our team
has made much progress in lowering expenses while enhancing
services. Forming the joint venture will help advance this progress
and make GBT a next-generation travel management company.
DOING THE RIGHT THING
As much as we emphasize thinking creatively and moving quickly, our
highest priority is doing things the right way. We are dedicated to
strengthening our regulatory compliance program across the company.
The aim is not just to clean up errors after they happen, but to prevent
them in the first place. We’ve made a great deal of progress integrating
compliance reviews earlier and more completely into all of our business
processes. We have also added compliance and operational risk
managers across the company, and established a stand-alone
Risk Committee of our Board of Directors.
I can’t remember a day in the past two years when I didn’t talk
about compliance with one or more of our employees. We take it
that seriously. It would be foolish not to.
AMERICAN EXPRESS COMPANY
11