SUMMARY
We took many fundamental steps to strengthen our business in 2001. While we expect the economy to remain weak this year, we are confident that American Express is in a strong position to grow over the moderate and long term. We have a number of exceptional assets - including our brand, our customer base, our global presence and creative, dedicated employees - that we can leverage to capitalize on the substantial growth opportunities in global payments and retail financial services. Moreover, we improved the flexibility of our business models, an effort we began a few years ago and dramatically accelerated in 2001. This should better position the company to deliver more stable earnings growth, as well as free up funds to invest in growing our core businesses and better prepare us for uncertain times.
American Express has been through difficult periods before. At various times in our history, wars, depressions and natural disasters have dealt severe blows to travel and consumer spending. In every instance, though, we learned to adjust. We strengthened our business. We emerged a better and stronger company. The past year is no exception.
Our brand is strong. Our commitment to customer service is strong. The actions we took in 2001 are helping to ensure that our premium competitive position remains strong. These strengths are as critical today as they have been throughout our 151-year history.
Sincerely,
Kenneth I. Chenault
Chairman and
Chief Executive Officer
February 22, 2002
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