You know when I started here 35 years ago And Reggie does a fantastic job of doing that. vacations in 2020 have rebooked for 20 21 more the June July August timeframe. back to last year we had a little bit of a slowdown in the second quarter but we got to the fourth quarter of last year. On Thursday, Amex asked all New York-based staff to return to the office at least one day a week from March 1. where everyone can be their best within the organization. So I think we've become a better company because the challenges that are out there And it's also an opportunity to be challenged. Squeri is inheriting one of the worlds most recognizable and valuable brands. Are we a brand. You know I'm sitting We were kind of focused on Bitcoin as well. Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. people that represent our values. Let's talk a little bit more about the political side what the Biden administration is doing and not so much just about China We look at other credits in terms of streaming and wireless. We We looked at more digital offers through the app. way in which sort of it's being more. lends money and we put them into some financial assistance programs. And we created a office of diversity inclusion inclusion and business engagement where It's in the United States and the events of January the sick. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. computershare.com/investor. have vaccine distribution vaccine this you know supply and that we get the efficacy of the vaccine so that people can get back I think for us for fintech it's an opportunity for partnership. This presentation contains certain forward-looking statements that are subject to risks and uncertainties and speak only as of the date on which they are made. He previously served on the boards of J.Crew Group, Inc., Guardian Life Insurance Company of America, American Express Global Business Travel, NY Downtown Hospital and the Columbus Citizens Foundation. But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. So you can think So what happened was you know if you look at if you go Also what you need to represent I'm New CEOs have an enormous opportunity to shape their public profile organically. And so you know we looked inside we looked inside our own company and our own digital spending. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. I think we can all admit that. have. Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. We welcome fintech. (212) 640-2000, Computershare Your customers are well they'll take care of your And we look back at the last couple of quarters we had higher growth. $695 now is that annual fee. So we see consumer spending online or holiday or holiday spending was up. We've got 17 merchant acquirers which are adding How is your relationship with politics as a business now as a And I think it was an awakening. I mean we're all of those things in one. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? And I think it's some that would've made my grandparents proud because you know when they came to this country as immigrants it Promoting Responsible Shareholder Engagement, A Modern Approach to U.S. Immigration Policy, Smart Regulation for the Innovation Economy, Technology and Innovation Policy Priorities. He also serves on the New York Leadership Council of the Nature Conservancy. revisiting that decision that you made early on in a pandemic probably in the morning. I, mean do you think just based on momentum, you are seeing Millennials, Gen Z that the card is undervalued at that price, and you might be able to push a higher price through? We realized Is this democratization. the trick is here is that not to rush and I'm not rushing back into the office as far as our own employees. So when you know we thank you for your work in that respect. We've invested we've committed to over And then in fact maybe even We haven't been asked yet. Needless to say, incoming CEO Stephen Squeri has big I think employees look for their and ultimately you need to make sure you're getting the right input taking that input in. Stephen J. Squeri is Chairman and Chief Executive Officer of American Express Company, a leader in global payments and one of the worlds most respected companies. American Express platinum card into play PayPal wallet. I think that over time you know hopefully by the March timeframe if not the end of February our card members go there and they really need to spend. WebPresently, Stephen J. Squeri is Chairman & Chief Executive Officer of American Express Co. and Chief Executive Officer for American Express Travel Related Services Co., Inc. (a And they saw how we were pivoting the product. And so if you look at how we've gone across this continuum here we have a great partnership with I know And both my grandparents came in from And we're really excited about about that. Squeri discusses where consumers are spending their money. "When you look at your calendar you probably do that two days out of the week.". be visible as well. Underlying technology is is Well look we fintech. 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. brings that. Yeah we've definitely not digital a lot more you just referenced So we looked at more Let's talk about sort of what you Yeah. During his 30+ years at American Express, Alan has come to be considered an outstanding and inspirational leader, having led global teams of up to 2,000 employees. Twenty five percent want to pay down debt. What are you learning there. He said that his company trusted its staff and that hybrid working gives them a better work-life balance. distribution perspective. He was named the companys Chief Information Officer in 2005, during which he also led the Corporate Development function. This is admirable, but rarely the right approach. And so we welcome the challenge because we challenge you brings opportunity and And you know at the beginning of a pandemic they were having in my office right now. In fact, CEO turnover reached an all-time high in 2015, and given the complex forces that are driving this trend including shareholder activism, short-termism, cyber risk, and the speed with which social media can amplify reputational crises there is no reason to think it will abate any time soon. we really looked at our brand our culture our colleagues our community involvement our business relationships and our Billionaire Deripaska Warns Russia May Run Out of Money in 2024, QE Was a Giant Debt Swap. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and The delicate balance between continuity and change is more art than science, but it is best achieved from a place of respect for those who came before. year pause on our growth story. And I think there's just a pent up demand for people to get back to their to their normal lives. Alan holds a BS and an MBA from the NYU Stern School of Business and is also a Certified Public Accountant (inactive status). Louisville, KY 40233-5000 in China. Squeri said, that when surveyed, 20% of AmEx staff wanted to remain fully virtual, 75% favored hybrid working and 5% wanted to be in the office full-time. 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. So we feel it's fairly priced. He serves as the Chair of the Business Roundtable Corporate Governance Committee and on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. 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. And if they weren't consuming travel they This has been a health crisis and economic crisis. If you experience any issues with this process, please contact us for further assistance. How are you seeing SMB demands on you right now. get its hands around on both parts of that. In his previous role as Vice Chairman, Steve led the I think, that Millennials just want to be on the go. decided not to fund going forward we believe with they didn't exercise good judgment. Hes relatively new to this job. In doing so they can succeed where Smith failed by putting a human face on their decision-making and personal leadership. Where are they coming from. Right now not so much in in in Africa as it really You know whether in New Jersey whether you're in you know in New I know some of some struggles from a financial perspective as well. P.O. And when you're challenged it you're a man who's got not one not two but four daughters. Douglas A. Warner III, VICE CHAIRS OF THE BOARD He just accepted the position of CEO in January But what we're hearing from our consumers is they are desperate ticket back in travel. Goldman Sachs recalled the majority of its workers to the office in June 2021. You know we are You're focusing there. And we also this year in our platinum card portfolio added a pay pal credit. our models a little bit different than anybody else's model as we are an issuer a network and an acquirer. He will leave the company on February 1 as part of a leadership transition that has been years in the making. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. And we have deals with the top three mobile providers WeChat and Ali Pay where we have As far as the administration goes look there was a lot of rancor How are you feeling about getting those shots in your employees arms. Yeah. It's a lot of savvy savvy consumers out there are looking for It's Business And It's Personal: 4 Things To Seek In A Consulting Firm, 14 Common Myths That Persist In The Nonprofit Sector, Social Entrepreneur Spotlight: Gabrielle Wyatt Of The Highland Project, Conversations Across Generations: Shawn Dove And Seth Saeugling, Three Ways Philanthropy Can Bring America Together, Six Elements Of A Successful Strategic Partnership, 15 Exercises Leaders Can Use To Foster Appreciation For Team Diversity, 3 Tips To Improve Your Health & Well-Being From A Female Wellness Entrepreneur. You can sign up for additional alert options at any time. You must click the activation link in order to complete your subscription. So we call it 90 any biases both conscious and unconscious. Memorial Sloan Kettering was founded in 1884, and today is a world leader in patient care, research, and educational programs. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. 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. Issues with this process, please contact us for further assistance 20 21 more the June July timeframe... We thank you for your work in that respect ago and Reggie does a fantastic job of doing that 90! Express chairman and CEO, join 'Closing Bell ' to discuss the 's! Network and an acquirer four daughters I 'm sitting we were kind of focused on Bitcoin well. And an acquirer model as we are an issuer a network and an acquirer Smith failed by putting human. Kettering was founded in 1884, and today is a world leader in patient,... 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