Global Brokerage and Membership B@nking

To help further expand our financial services businesses globally, we formed the Global Brokerage and Membership B@nking (GBMB) unit. This unit will help us reach consumers with a variety of products and through a number of distribution channels. It will work closely with AEFA and our card business both in the United States and in select international markets.

During 2000, our U.S. brokerage and Membership B@nking businesses continued to grow, and both businesses received recognition for their customer service and consumer value propositions. Service enhancements led to improved customer satisfaction ratings during the year.

Earlier this year, we acquired Sharepeople Group plc, an online brokerage firm in the United Kingdom. This acquisition will allow American Express entry into the online brokerage business in Europe, and the new company will be a wholly owned subsidiary known as American Express Sharepeople. With more than 18,000 accounts at year-end 2000, the firm offers customers trading in U.K. and U.S. equities, as well as unit trust products.

	The company's brokerage and Membership B@nking businesses continued to grow during 2000, and customer service and website stability improved. This unit will work closely with American Express Financial Advisors and the company's card business in the United States and select international markets.