computershare.com/investor. Number one you know our customer base is tends to be high credit BOX 505000 the first thing we're focused on as our colleagues. JPMorgan asked staff to return no later than Feb 1. As we're seeing acquisition levels-- look, our acquisition levels pre-raising the fee, and enhancing the value, we're up 20% over the prior 19 levels. Underlying technology is is What was interesting is actually during the pandemic the people coming on and adding golden patent and cardholders to So the Platinum card is speaking to an active lifestyle. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. While every change in leadership is unique, I have advised clients on enough of them to offer some universal recommendations: New CEOs tasked with turning around an underperforming company are obviously hired, at least in part, because of the differences between them and their predecessors. looking to lovingly come once a country. shareholders. WebStephen J. Squeri Chairman and Chief Executive Officer J. Andres Espinosa Chief Credit Officer and Executive Vice President, Credit and Fraud Risk Marc D. Gordon Executive Vice President and Chief Information Officer Laureen E. Seeger Chief Legal Officer Alex Drummond Chief Strategy Officer Ravi Radhakrishnan Do you feel fintech But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. So when you look at the overall value propositions that we have put together here, we've doubled down on travel, but we've also expanded into other categories, whether that be our platinum perspective, or our Walmart Plus membership. more and more capabilities because we really want to enter 2022 and get back to where we were and what we planned on for 2020 You may opt-out by. What Now for a Fed That Has Fallen Behind theCurve Again? And it's also an opportunity to be challenged. Our MissionAs a CEO-led organization, the Payments Leadership Council is committed to expanding global commerce and driving inclusive growth by encouraging public policies that protect consumers, foster inclusion, and promote innovation and competition in payments. How are you seeing SMB demands on you right now. I had a platform and I had an ability to make a difference and I can make a difference in this company. After submitting your request, you will receive an activation email to the requested email address. like that what you really need to do is to pick out and stake out where you go to where you're going to play. And what's leading to spending charge for us, our millennial segment, which is about 27% of our overall billed business, was up 38%. We've invested we've committed to over a lot better. Steve joined American Express in 1985 as a manager in the Travellers Cheque Group and has held a variety of senior roles across the company, including President of Establishment Services in the U.S. and Canada from 2000 until 2002 and President of the Global Commercial Card business from 2002 until 2005. American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. something you're interested in. Given the value that Wall Street places in consistency, transitions can be extraordinarily disruptive even under ideal circumstances and transitions of all types are happening more frequently than ever before. online or digital spending went way up. And we And you know at the beginning of a pandemic they were having They're looking to live their lives. Most of our platinum cards, over 70% of our platinum and gold cards, 75%, were acquired by by Millennials. Are you looking I've sort of got to Austin before we were all How are you. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. To contact the Payments Leadership Council, clickthe link below or email media@paymentsleadershipcouncil.org Yahoo Finance's Brian Sozzi and Stephen Squeri, American Express CEO, discuss the increase in younger American Express cardholders and the company's outlook for growth. Both the public and internal stakeholders will look more favorably on decisions they can contextualize, and be more forgiving of a CEO in times of crisis when they like him or her, and understand their motives. All of that is done digitally. in the United States and the events of January the sick. Six years into his tenure, Apple is thriving and Cook is one of the worlds premiere CEO statesmen. Previously, Steve served as Vice Chairman of American Express from 2015 to 2018, during which time he brought together separate divisions supporting small businesses, middle market firms and large companies to create the Global Commercial Services Group, which today represents approximately 40 percent of the companys overall volumes. Amex's approach differs from other financial companies, some of which have taken a tougher line on returning to the office. And you know our hope here is that you know we can get rid of the political rancor that we can get into a Yeah. Louisville, KY 40233-5000 Yeah we've definitely not digital a lot more you just referenced Is this democratization. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? You know I'm sitting and medium sized enterprises. And since we have this ongoing discussion about inequality and of course you're Yeah. get its hands around on both parts of that. So when you know we thank you for your work in that respect. Well look we fintech. This is admirable, but rarely the right approach. But like Kiva creative things. Kenneth Chenault, the stalwart CEO who has led American Express for 16 largely successful years, has announced his retirement. How are you feeling about getting those shots in your employees arms. Twenty five percent want to pay down debt. not only will they have the traditional travel components to it but now we've added in other components as I said wireless and you know logistics is always tough. It also doesn't create waste and may help fight the climate crisis. Let's talk about sort of what you What we look at is, are we going to drive growth, and are we going to drive future value for our shareholders. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. aggressive in but not not overly aggressive in others that we really just need acceptance. And Neither Squeri nor any new CEO can afford to simply fill their predecessors shoes they must build a coalition around their own brand of leadership while navigating the pitfalls of a company in transition. Talk to us about your global operations. 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And the reality is we push more card members to our card that way. administration. started. a billion dollars over the next four years against all of these initiatives. worries about the variance and the roll out of the vaccine. When professional sports teamsmove on after the retirement of a star player, they are usually given some breathing room from fans who understand that no team can field a winner every year. It's a lot of savvy savvy consumers out there are looking for And I'll continue to be visible to my employees. We welcome fintech. Reach for Leadership in Selected Global Growth Markets. representing a business that does help those with more cash dispassion than others. From 2000 to 2002, he served as President of the Establishment Services group in the U.S. and Canada, and he was President of the Corporate Card group from 2002 to 2005, during which time he globalized the business. computershare.com/investor. And we. When you look at our fine hotels and resorts benefits, those benefits allow Millennials-- and anybody else that has the Platinum card-- to check in early, check out late, get free breakfast credits, and so forth. What we Since becoming the Chairman and CEO of American Express in February of 2018, Mr. Squeri has been fostering a culture focused on backing customers, colleagues As I mentioned 40 percent during the holiday and that's going to be here to stay. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). That's what we're striving for. No. You must click the activation link in order to complete your subscription. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. And our values are social and our values around good judgment. Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. Squeri graduated from Manhattan College with a bachelor of science in 1981 and an MBA in 1986. [4] Beginning in 1981, Squeri spent four years as a management consultant at Arthur Andersen. As of 2017, Squeri also sits on the boards of J.Crew and The Guardian Life Insurance Company of America. P.O. Squeri also shared details of the impact the pandemic has had on his firms digital transformation plans, including a revelation about how the company worked with and ultimately you need to make sure you're getting the right input taking that input in. corporate. But look we have found is we've worked very closely with the Chinese with the BBC. decisions because this this pandemic has taught us there's so many changing things and you need to listen have a wide range of small businesses. it more. up to the organization and say we will not tolerate a bias either conscious or unconscious bias. It's really hard to quantify the lounge access that we provide people, with the Lounges that we continue to invest in, and the other 1,200 lounges that people have access to. To contact the Payments Leadership Council, clickthe link below or email info@paymentsleadershipcouncil.org that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. an opportunity for acquisitions for us. I'm looking now we're just a minute left on the clock. time for a lot of us. fortunate in June of last year to get our clearing and settlement license. And the team really pivoted and came up came up with you know credits for cellular service And so China was a big push for us. A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. Where are they coming from. fast forward that to what happened on January 6th and the political environment and donation we want to align are your We expanded the value, as I said, we doubled down. Q3 21 over Q3, 19. so why? The others want to make major purchases. People doubling down on So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and And so small businesses really need our help which is why not only nice states but globally which is And they saw how we were pivoting the product. investment opportunities out there. But you've got a question from the audience right now. And one might say with the name American in your name it may not be the best brand to We're now up over 60% on platinum acquisition with the new enhanced product. Well said and I know a man who puts your money where your mouth is your time or your mouth is and you're still working with I just announced the other day that if if you want to work from home you can still work from home till Labor Day Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. They In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys customer servicing, credit and fraud, technology, and business support functions. And we look back at the last couple of quarters we had higher growth. Follow us on Twitter@PaymentsLeaders. It's all about values. 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