The Story of American Express, the World Financial Industry’s Giant

American Express Company (Amex) is one of the oldest and most well-known financial brands. The company was founded in New York in 1850. This financial group survived the 1930s and 1970s financial crises, as well as the 2001 terrorist attacks. In the years following 2000, this bank consolidated its position by offering three popular products: credit cards, prepaid cards such as gift cards, and certified checks. Amex initially targeted wealthy customers, but after Kenneth Chenault was appointed CEO, significant changes were made in customer service, and the middle class could benefit from this financial group as well. At first, the company was considered a traditional bank that accepted deposits and made loans, but after purchasing Revolution Money Inc in 2009, it started modern banking and was able to successfully manage the new banking wave. Chenault was the CEO of the financial group until 2017, and with a revenue of over $ 33 billion, this group was ranked 86 among the world’s most valuable brands. In 2001, he was appointed CEO of American Express. He states, “Cutting investment in growth during a crisis is a sign of folly.”

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