American Express 2013 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2013 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

RESTRUCTURING AND EXPENSE CONTROLS: Cost controls also
played a crucial role in our financial performance. During 2013, we
reduced total expenses by 1 percent, even as we increased investments
in marketing and promotion.
Across the company, we emphasized the importance of containing
operating expenses. We backed that up with a publicly announced
goal: limit operating expense growth to no more than 3 percent in both
2013 and 2014. We beat that goal in 2013 and remain committed to
it for 2014.
The restructuring actions that we announced in January helped us
contain operating expenses by making American Express a leaner,
more flexible organization. Unfortunately, realizing these benefits
involved difficult decisions to reduce jobs. Our restructuring focused
on consolidating similar functions and eliminating duplicate efforts,
streamlining corporate staff groups, and continuing to adapt to
customers’ shifting preferences for online servicing.
Turning Tweets into
Transactions.
Card Members who
connected their eligible
cards to their Twitter
accounts were able to
purchase items by using
Twitter hashtags.
Rewarding Travels.
TripAdvisor became the
latest digital platform
to host merchant offers
for Card Members
who connect their
eligible cards with their
TripAdvisor profiles.
Paying with Points.
Certain New York City
taxicabs began accepting
Membership Rewards
points for payment
through terminals
designed by VeriFone.
TRANSFORMING COMMERCE
American Express continued its tradition of innovation to deliver value to Card Members and
build business for merchants. Partnerships with digital platforms created new commerce
opportunities in 2013:
AMERICAN EXPRESS COMPANY
5