Why Did American Express succeed in the U.S.A. And Internationally?
It succeeded because the company established an outstanding reputation in its core businesses very early in its lifetime. It also took advantage of the competition during both World Wars to support its customers with financial assistance when they needed it. Its business decisions, all told, were solid. It divested itself of non-profitable segments when necessary, and put the emphasis always on its core businesses -- travelers' checks, its travel business, and credit cards. AmEx has maintained flexibility as well in adapting to consumer's demands and the needs of its business, such as issuing the revolving credit card when that segment might have failed.
Today it is one of Forbes Magazine's top 100 companies.
How is American Express surviving the 2008-2009 Economic Crisis?
Diversification of its business. The American Express credit card business in the U.S. dropped 96% from early 2007 to mid-2008 -- a huge loss. However, the company overall reported profits of $655 million during the second quarter of 2008. It wasn't that people weren't using the cards. As the financial crunch worsened, more and more folks relied on their credit cards to get by month-to-month. The enormous losses came from those cardholders not paying their bills in record numbers.
There are two other reasons for the company's continuing survival. First, its capability to take advantage of the U.S. Government liquidation facilities funded through Chapter Three of the Federal Credit Union Act passed in 1998 by Congress. Second, Warren Buffet owns 13% of AmEx. Besides just the weight of his opinion and reputation, evidently, a financial lifeline may be available if needed.
Make no mistake, American Express is having a rough couple of years. Just three weeks ago, May 20th, the company announced it is laying off 4000 workers worldwide in an effort to slash $800 million from its budget. And this is only the latest addition to its 7000 layoffs last October. Though these are huge "pullbacks," AmEx is still expected to survive.
Would the AmEx Strategy Work in Asia and China?
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