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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): February 3, 1999
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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 February 3, 1999, Harvey Golub, Chairman and Chief Executive Officer of
the Registrant, and Jim Cracchiolo, President of American Express Travel
Related Services International, presented speeches to the financial community.
Certain information contained in such speeches is filed herein on Exhibit 99.1.
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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: February 3, 1999
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EXHIBIT INDEX
Item No. Description
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99.1 Certain information from speeches presented to the financial
community by Harvey Golub and Jim Cracchiolo on February 3, 1999.
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EXHIBIT 99.1
Financial Community Meeting - February 3, 1999
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- - The American Express Corporate Card and Business Travel businesses experienced
rapid growth internationally in 1998, particularly in Europe.
- - From 1996 to 1998, American Express' cards in force internationally grew from
12.3 million cards to 14.9 million cards. During this period, American Express
cards in force grew steadily in Canada and Europe, while Latin America and
Asia also showed some growth. Cards in force in Japan held steady during such
period. During such period, the largest number of cards outstanding were
issued in Europe, followed by Asia, Latin America, Canada and Japan.
- - In 1998, the average spend on American Express consumer cards internationally
was higher than the average spend on American Express domestic consumer cards.
- - From 1996 to 1998, spending on American Express cards internationally grew
from $53.3 billion to $61.9 billion. By region, spending grew significantly in
Europe, Latin America and Canada, while Asia and Japan experienced slower
growth rates. Spending during such period was greatest in Europe, followed by
Asia, Latin America, Canada and Japan.
- - Spending on American Express Corporate Cards internationally grew in excess of
15% in 1998.
- - American Express international travel sales reached $7.9 billion in 1998.
- - The American Express international merchant network increased from 3.2 million
to 4.4 million locations in force from 1996 to 1998, and American Express
Cardmember spend coverage internationally increased from 76% to 83% during
such period.
- - In 1998, the Personal Financial Services business of American Express Bank
grew its customer base 19% and client volumes 23%; Private Banking holdings
increased by 22%.
- - Over the last two years, American Express' cross-selling of insurance products
to the American Express international Cardmember base increased from 14.5% to
19% of such cardmember base in certain major markets. Insurance is now offered
by American Express to its Cardmembers in 25 markets. Over the past two years,
there has been a 30% increase in the number of international American Express
Cardmembers buying insurance from American Express, with 1.7 million policies
now in force. In 1998, there was 22% higher spending among international
Cardmembers enrolled in American Express insurance programs.
- - In the last two years, TRS International has reduced its ratio of operating
expenses to billings across its Card business by 14%.
- - The delinquency rate for American Express Cardmembers internationally is
somewhat lower than the rate for its U.S. Cardmembers; over the last several
years, such rates have improved and stabilized.
- - In Brazil the credit exposure of American Express Bank is primarily to top
tier correspondent banks, with no exposure to corporate borrowers.
