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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 29, 1998
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AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
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New York 1-7657 13-4922250
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or Identification No.)
organization)
200 Vesey Street, World Financial Center
New York, New York 10285
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 640-2000
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 29, 1998, the Registrant issued a press release announcing
its decision not to pursue U.S. Government card accounts for the Purchase
and Travel Card business. Portions of such press release are filed herein as
Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Press release of American Express Company dated April 29, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN EXPRESS COMPANY
(REGISTRANT)
By /s/ Stephen P. Norman
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Name: Stephen P. Norman
Title: Secretary
DATE: May 11, 1998
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EXHIBIT INDEX
Item No. Description
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99 Press release of American Express Company dated April 29, 1998.
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EXHIBIT 99
NEW YORK, April 29, 1998 -- American Express announced
that it will no longer pursue U.S. Government card accounts for the
Purchase and Travel Card business based on a reevaluation of the
earnings potential of the business. American Express is one of six
card issuers selected by the federal government earlier this year to
bid for accounts from individual federal agencies. American Express
is currently the government's travel card provider under an
agreement that expires on November 30, and its activities with that
program will not be affected.
"The current pricing arena for these programs does not make good
business sense for American Express," said Ed Gilligan, President,
American Express Corporate Services.
The company has informed the General Services Administration,
which included American Express on its Master Award, permitting
issuers to bid on individual agency card programs.
American Express provides travel agency services to federal
government agencies, and provides both Corporate Card and travel
agency services to state and local governments, as well as to
governments outside the U.S. The decision announced today does not
affect these relationships, nor does it affect the Company's
relationships with government agencies that accept American Express
Cards for payment.
American Express Corporate Services provides travel, purchasing
and expense management solutions to mid-sized and large
companies. It counts more than 75 percent of the Fortune 500
among its clients, using American Express for business travel
services, Corporate Card or Corporate Purchasing Card programs.
American Express is a worldwide travel, financial and network
services company founded in 1850. It is a leader in charge and
credit cards, Travelers Cheques, travel, financial planning,
investment products, insurance and international banking.
