American Express Company (Amex) is an American multinational financial services corporation. The American Express, provides an easier and safer way for Businesses and consumers to buy anything they need with ease.
The American express business cards is very reliable for either travel, Business and many more. However, the company also provides an advanced method of payment for travelers and individuals and businesses.
American Express | Overview
The company’s headquarter is in Manhattan’s Three World Financial Center, New York City, US. The corporation was founded in 1850, and it is one of the 30 fundamentals of the Dow Jones Industrial medium. The firm specializes in charge cards, credit cards and travelers’ cheque businesses. Amex cards is in charge of approximately 24% of the entire quantity of credit card transactions in the US.
American Express ranks as the 22nd most profitable quality in the world according to Business week and Inter brand. They also estimate the brand to be worth US$14.97 billion. Fortune put Amex as one of the top 20 most admired companies in the world. The company’s logo is a centurion whose image appears on the company’s travelers’ cheques, credit cards and charge cards.
Amex | Early history – www.americanexpress.com pbc
American Express began as an express mail business in Buffalo, New York in the year 1850. It started as a joint stock corporation by the merger of the express firms held by Henry wells (Wells & Company). Also companies of William Fargo (Livingston, Fargo & Company), and john Warren Butterfield’s (Wells, Butterfield & Company, the successor earlier in 1850 of Butterfield, Wasson & Company).
In the year 1852, when American Express wanted to extend its operations to California, Wells and Fargo also started Wells Fargo & Co. This was due to oppositions from Butterfield and other directors.
Amex’s headquarter was initially at a construction at the crossway of Hudson street and Jay street which is now Manhattan. Amex enjoyed essential ownership on the development of express cargoes (currency, securities, goods, etc.) in New York for Years. American Express used 65 Broadway as headquarters in 1847, though this building was becoming financial district of Manhattan. It retained this location through two constructions.
American Express.com | Amex buildings
The company later purchased a lot on Vesey street, New York city as the location for its vault. An 1858 marble Italian palazzo which was at 55-61 Hudson street, New York, was the company’s first headquarter. The building was a busy wares annex.
The company was progressing sufficiently that headquarters were moved in 1874 from the wholesale shipping district to the budding Financial District, and into offices that they payed for in two five-story brownstone commercial buildings at 63 and 65 Broadway that were owned by the Harmony family. Amex progressed abundantly and in 1874 it moved its headquarters from bulk cargo district to budding finance district.
They were second place to only the National City Bank of New York among other financial corporations in New York City. To show this, the company bought the Broadway constructions and site.
American Express travel | Financial services
The company started expanding in the area of financial services by offering a finance order business to compete with the US Post Office’s finance orders in 1882.
Traveler’s cheques made American Express establishment as a true international company. At the onset of the first world war, American Express in Europe was among the few firms to honor the letters of credit which were issued by various banks in 1914. These banks were held by Americans in Europe, because other finance firms desist from assisting stranded travelers.
The British government appointed American Express its official agent at the beginning of World War I. They were to deliver money, letters and relief parcels to prisoners captured by Britain during the war. Amex workers went into camps to cash drafts for both French and British war prisoners and arranged for them to receive money from home.By the end of the war, they had delivered 150 tonnes of parcels each day to prisoners in six countries.
The incumbent CEO of American Express is Ken I. Chenault. He took over from Harvey Golub (1993-2001) in 2001.
American Express website: www.americanexpress.com