<TABLE>
<CAPTION>
EXHIBIT 12
AMERICAN EXPRESS COMPANY
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Six Months Years Ended December 31,
Ended June 30, -------------------------------------------------
2000
(Unaudited) 1999 1998 1997 1996 1995
--------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings:
Pretax income from
continuing operations $ 1,966 $ 3,438 $ 2,925 $ 2,750 $ 2,664 $ 2,183
Interest expense 1,408 2,178 2,224 2,122 2,160 2,343
Other adjustments 83 151 124 127 139 95
------ ------- ------- ------- ------- -------
Total earnings (a) $ 3,457 $ 5,767 $ 5,273 $ 4,999 $ 4,963 $ 4,621
------ ------- ------- ------- ------- -------
Fixed charges:
Interest expense $ 1,408 $ 2,178 $ 2,224 $ 2,122 $ 2,160 $ 2,343
Other adjustments 80 152 129 129 130 135
------ ------- ------- ------- ------- -------
Total fixed charges (b) $ 1,488 $ 2,330 $ 2,353 $ 2,251 $ 2,290 $ 2,478
------ ------- ------- ------- ------- -------
Ratio of earnings to
fixed charges (a/b) 2.32 2.48 2.24 2.22 2.17 1.86
</TABLE>
Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company (the
company) and Travel Related Services' Cardmember lending activities, which is
netted against interest and dividends and Cardmember lending net finance charge
revenue, respectively, in the Consolidated Statements of Income.
For purposes of the "earnings" computation, other adjustments include adding the
amortization of capitalized interest, the net loss of affiliates accounted for
at equity whose debt is not guaranteed by the company, the minority interest in
the earnings of majority-owned subsidiaries with fixed charges, and the interest
component of rental expense and subtracting undistributed net income of
affiliates accounted for at equity.
For purposes of the "fixed charges" computation, other adjustments include
capitalized interest costs and the interest component of rental expense.
In the fourth quarter of 1995, the company's ownership in First Data Corporation
("FDC") was reduced to approximately 10 percent as a result of shares issued by
FDC in connection with a merger transaction. Accordingly, as of December 31,
1995, the company's investment in FDC is accounted for as Investments -
Available for Sale.