American Express Is A Financial Services Company Headquartered In New York City, USA. The Company Is Best Known For Its Credit Cards, Charge Cards, And Traveler's Checks.
American Express's Common Stock, Which Trades Under The Symbol "AXP" On The New York Stock Exchange (NYSE), Is One Of The Thirty Stocks That Make Up The Dow Jones Industries Average Index And Is The 74th Largest Company In Fortune Magazine. In 2007, BusinessWeek And Omnicom Ranked American Express As The 15th Most Valuable Brand, With An Estimated Brand Value Of About $20.87 Billion.
The Current CEO Of American Express Is Kenneth Chenault, Who Took Over The Position In 2001 From Harvey Golub, Who Had Been CEO Since 1993. Earlier, James D. Robinson III Served As CEO From 1977 To 1993.
According To A Survey Of Employee Satisfaction, Fortune Magazine Ranked American Express As The 9th Best Company To Work For In 2020.
History
Early History
1850 The First Public Advertisement Announcing The Establishment Of American Express.
American Express Was Founded In Buffalo, New York In 1850 As A Merger Of Shares In Three Different Transportation Companies, Owned By Henry Wells & Company, William Fargo & Company, And John Butterfield. The Original Headquarters Of American Express Was Located At The Intersection Of Jay Street And Hudson Street In The TriBeCa District Of Manhattan, And It Exclusively Operated The Transportation Business (goods, Stocks, Currency, Etc.) In New York State. In 1874, American Express Moved Its Headquarters To 65 Broadway, New York State's Emerging Financial District, And Its Former Site Still Retains Two Buildings To This Day.
American Express Building
In 1854, American Express Purchased A Large Number Of Real Estate Along Vesey Street In New York City. The Company's First Headquarters In New York, At 55-61 Hudson Street, Was A Marble Italianate Building With A Busy Transport Depot On The Ground Floor That Was Part Of The Hudson River Railroad.
Common
Classic Series
- Standard Card
- Gold Card
- Platinum Card
- Centurion Card (commonly Known As "Black Card")
Chinese Mainland
Chinese Mainland Also Has Blue Box Series Cards, Etc.
- MEMBER
- SELECT
- MAX
- ICON
Today's American Express
Sometime Between 1888 And 1890, James Congdell Fargo Was Frustrated And Angry After A Trip To Europe. Although He Was The President Of American Express And Carried The Traditional Letter Of Credit, He Found It Difficult To Obtain Cash Except In Major Cities. So Fager And Marcellus Fleming Berry Invented The American Express Travelers Cheque, Which Was Issued In 1891 In Denominations Of $10, $20, $50, And $100.
The Issuance Of Traveler's Checks Turned American Express Into A Truly Multinational Company. However, This Was Not The First Time American Express Had Pursued Such A Business. At The Outbreak Of World War I In 1914, Many Americans In Europe Held Letters Of Credit From Various Banks, But Most Financial Institution Groups Refused To Provide Any Assistance, And The American Express European Office Joined Forces With Several Other Companies To Guarantee The Letters Of Credit In The Hands Of These Travelers.
On November 5, 2008 Local Time, American Express Applied To The Federal Reserve Board To Transform Into A Commercial Bank. On November 10, The US Federal Reserve Approved The Application, Allowing American Express To Also Accept Customer Deposits To Better Cope With The Global Financial Turmoil Caused By The Subprime Mortgage Crisis. American Express Became The Third Institution To Transform Into A Commercial Bank During The Subprime Mortgage Crisis, After Morgan Stanley And Goldman Sachs Group.
Travel Division
American Express Established The Travel Division In 1915, Combining All Services That Make Travel Easier, And Soon After They Established The Group's First Travel Agency.
December 17, 2019 American Express Sold 50% Of Its American Express Global Business Travel (American Express Global Business Travel) To Qatar Investment Authority, BlackRock, Carlyle Group, Kaiser Medical Institution And Other Investors, American Express Will Hold The Remaining 50% Of The Interests
Chinese Mainland Business
In 1918, American Express First Came To The Chinese Mainland And Opened The Company's First Bank In The Chinese Mainland In Shanghai.
In 2017, American Express And Lianlian Group Jointly Established Connect (Hangzhou) Technology Services Co., Ltd.
On November 9, 2018, The People's Bank Of China Announced That It Has Reviewed And Approved The Preparatory Application Of American Express's Subsidiary In The Chinese Mainland In Conjunction With The China Banking And Insurance Regulatory Commission; The Media Believes That The Announcement Means That American Express Will Become The First Chinese Overseas Card Organization That Can Carry Out RMB Clearing In China.
On June 13, 2020, The People's Bank Of China Issued An Announcement Saying That It Has Approved The American Express Subsidiary Engaged In Bank Card Clearing Business - Connect Company Officially Opened And Issued A Bank Card Clearing Business License To It. This Is The Second Company To Obtain A Bank Card Clearing License In The Chinese Mainland After China UnionPay, And The First Foreign-funded Enterprise To Obtain A Bank Card Clearing License.
On September 16, 2021, American Express Announced That Connect And Industrial Bank Launched The First American Express Brand Debit Card Product That Supports RMB Settlement. China Merchants Bank, China CITIC Bank, And Guangfa Bank Will Be The First Batch Of Debit Card Issuing Partners To Launch Their Own American Express Debit Card Products. On December 29 Of The Same Year, Guangfa Bank Released The "GF American Express Lucky Debit Card". On June 8, 2023, The "American Express" WeChat Official Account Operated By Connect Released An Advertisement For The Listing Of The China CITIC Bank American Express RMB Gold Card Debit Card.
Related News
On June 8, 2022, American Express Claimed That Liang Tangqingyi, The Wife Of Liang Zhenying, Vice Chairperson Of The National Committee Of The Chinese People's Political Consultative Conference, Was Involved In Failing To Find The Number Of 93,000 Yuan Cards. The Next Day, Liang Tangqingyi Responded That All Debts Had Been Paid. On The 20th, Liang Zhenying Said That American Express Had Apologized For The Matter
