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5AMERICAN EXPRESS COMPANY | ANNUAL REPORT 2015
Steve is one of our most accomplished leaders. He’s been at the forefront of con-
taining our operating expenses over the past several years and has an outstanding
track record of making the organizations he’s led more ecient and more eective.
As this new eort advances, we’ll act to reduce costs in a thoughtful way — without
compromising our ability to serve our customers, meet our compliance obligations
and grow the business.
Our focus on costs also involves spending our investment dollars more eciently.
We’ll continue to use big data analytics to improve the way we evaluate, prioritize
and execute our investment opportunities. We’ll pursue growth opportunities in a
more coordinated way through the new management structure we put in place last
October. And we’ll stop certain initiatives where we’re not seeing results — or a clear
path to results — just as we did by refocusing Enterprise Growth late last year.
Some of the alternative products and platforms that Enterprise Growth developed
in recent years showed promise while, frankly, others didn’t. As a result, we decided
to focus more narrowly on our strongest prepaid products, Serve and Bluebird,
and we recorded a charge in the fourth quarter. Taking this step will enable us to
redirect investments to other parts of our business that can generate better returns
more quickly.
While managing costs is important, revenue growth is key to our long-term success.
I’m confident we can improve upon our recent performance. Here are some of the
reasons why: a wide range of attractive opportunities across our diverse customer
base; the progress we’ve made in attracting new Card Members and merchants;
our ability to broaden relationships with existing customers; the leverage we can
gain from operating and investing more eciently; and the power and potential of
our closed-loop model to create additional value for customers and partners.
Optimize Investments
Grow Revenues