American Express Company Wiki Services and Acquisitions Overview

American Express Company has a long history of providing innovative services to its customers. Founded in 1850, the company has been a leader in the financial services industry for over 170 years.

The company's first service was a money order business, which allowed customers to send money across the country without the need for cash or a bank account. This service was a huge success and helped establish American Express as a trusted and reliable financial institution.

In addition to its money order business, American Express has also made several significant acquisitions over the years. One notable acquisition was the purchase of Bank of America's credit card portfolio in 2002.

The American Express Company has a rich history that dates back to 1850 when it was founded as an express business. It was a private company that carried money, packages, and valuable things from one place to another.

Henry Wells and William G. Fargo were two very important people in the express business at the time. They had formed a partnership in 1844.

The American Express Company was formed by the merger of three other companies, and its headquarters were initially located in a building in Manhattan, New York. They soon bought several nearby buildings to use as stables for their horses.

The company was incredibly successful, becoming the most successful company transporting goods, securities, and money for many years. This was largely due to the high demand for transferring money across the country.

In 1874, the American Express Company moved its headquarters to 65 Broadway in the financial district of Manhattan, where it has remained ever since.

The American Express Company has a long history of expansion and growth. Founded in 1850, American Express has been in business for over 170 years, making it one of the oldest companies in the United States.

The company's early growth was driven by its innovative money orders, which allowed people to send money across the country quickly and safely. This service was a huge success, and American Express was able to expand its operations rapidly.

Today, American Express is a global company with operations in over 130 countries. It offers a wide range of financial products and services, including credit cards, traveler's checks, and foreign exchange. Its iconic green card has become a status symbol for many people around the world.

American Express expanded its reach nationwide by forming alliances with other express companies, railroads, and steamship companies. This strategic move allowed the company to establish a strong presence across the country.

In 1857, American Express launched a money order business to compete with the United States Post Office's money orders. This marked the company's entry into the financial services sector.

J.C. Fargo's trip to Europe in the late 1800s was a turning point for the company. He returned frustrated and infuriated by the difficulties he faced in obtaining cash, except in major cities.

The American Express Traveler's Cheque was introduced in 1891, revolutionizing international travel and commerce. It was available in denominations of $10, $20, $50, and $100.

During World War I, American Express proved its commitment to international cooperation by honoring letters of credit issued by various banks. This act of goodwill earned the company the trust of stranded American travelers in Europe.

The American Express company made a significant shift towards financial services in the late 19th century. They started competing with banks by issuing money orders in the late 1890s.

By 1890, the company needed a new building, so they demolished the old one and built a ten-story building in its place. This new building was a major upgrade from their previous one.

The company's assets grew significantly, reaching about $28 million by 1903. This rapid growth was a testament to their expanding financial services.

In 1916-17, American Express constructed a new building made of concrete and steel, shaped like an H. This building was a notable architectural feat of its time.

The company's director, J. C. Fargo, had a frustrating experience while traveling in Europe around 1890. He was unable to get cash despite carrying letters of credit, which was a problem he felt the American Express should have been able to solve.

Fargo approached Marcellus Flemming Berry and asked him to invent a better way to get cash while traveling. Berry's solution was the Traveler's Cheque, which was introduced in 1891 and went on to become a widely used service for nearly a century.

The American Express Company has a complex organizational structure, with several subsidiaries and affiliates operating under its umbrella.

The company is led by a Board of Directors, which oversees the overall strategy and direction of the organization.

American Express has a President and Chief Executive Officer, who reports directly to the Board of Directors.

Steven J. Squeri has been the CEO since 2018, bringing over 30 years of experience to the role.

The company is divided into several business groups, including Global Consumer and Small Business, Global Commercial Payments, and Global Merchant and Acceptance.

Each business group is responsible for a specific segment of the American Express business, allowing for focused decision-making and strategy.

The company's organizational structure allows for a high degree of flexibility and adaptability, enabling American Express to respond quickly to changing market conditions.

American Express focuses on enhancing its services for existing card members to make its products easier to use and encourage more frequent use. It aims to integrate acquired technologies into its platform to provide members with a more seamless experience.

The company has made strategic acquisitions to achieve this goal, such as purchasing Cake Technologies in 2018 for $13 million. Cake provides a service allowing restaurant-goers to pay bills more easily.

American Express will likely continue to acquire additional companies to extend its reach as a financial services megacompany.

American Express introduced its first charge card in 1958, and the early cards were surprisingly made of paper.

The company switched to plastic cards in 1959, a significant upgrade at the time.

The Gold Card was introduced in 1966, offering a premium service to its customers.

The Platinum Card was introduced in 1984, with a hefty $250 annual fee that has since increased to $550.

Only trusted customers were initially eligible for the Platinum Card, but now anyone can apply.

In 1987, American Express introduced the Optima card, which allowed customers to pay later and avoid paying in full every month.

American Express has a clear strategy behind its acquisitions: to enhance its services for existing card members and encourage them to use their cards more frequently.

The company purchased Cake Technologies, a U.K. fin-tech startup, for $13 million in March 2018. Cake provides a service that allows restaurant-goers to pay their bills more easily.

This move aligns with American Express's goal of making its products easier to use. By integrating Cake's technologies into its platform, American Express aims to provide its members with an enhanced service.

In January 2019, American Express announced its intent to acquire Pocket Concierge, a restaurant reservation platform targeting businesses in Japan.

TRS is the principal operating subsidiary of American Express, responsible for providing personnel, facilities, systems, and operational resources to various American Express branches and subsidiary companies.

As a financial holding company, TRS is subject to supervision and examination by the Federal Reserve. This means the company's practices are closely monitored to ensure compliance with regulatory requirements.

TRS is the direct or indirect owner of most of American Express's legal entities, making it a crucial component of the company's business structure.

American Express Assurance Company is a subsidiary of American Express that underwrites various insurance products, including travel insurance and car rental loss and damage protection. It was founded in 1973 as the American Automobile Insurance Company of Illinois and changed its name in 1986.

The company's primary role is to provide insurance benefits to American Express charge card and credit card holders. These benefits include extended warranty protection, product purchase protection, and travel accident insurance.

As a subsidiary of American Express, the company operates without retail operations and has been a part of the American Express family since September 2007.

Here are some key details about the company:

AMEX Assurance Company's focus on providing insurance benefits to American Express cardholders has been a key part of the company's operations since its inception.

The American Express Company was founded in 1850 as an express business, carrying money, packages, and valuable things from one place to another. This was because the US Postal Service had only recently begun delivering letters, but not large parcels.

The company was formed by three other companies merging together. Its headquarters were initially in a building in Manhattan, New York.

Henry Wells and William G. Fargo, two very important people in the express business at the time, had formed a partnership in 1844. They were likely involved in the formation of the American Express Company.

The company soon bought several nearby buildings to use as stables for their horses. For many years, it was the most successful company transporting goods, securities, money, etc.

In 1874, the American Express moved its headquarters to 65 Broadway in the financial district of Manhattan, where it has been ever since.