What is American Express?

American Express is a globally functional finance, travel, and network service provider. Founded in 1850, it has headquarters in Three World Financial Centers; Manhattan, New York. American Express made a humble beginning as an express mail business in New York. The company was established after merging express mail companies owned by different groups. However, Wells and Fargo parted ways in 1852 with a disagreement over business expansion issues. Initially, American Express enjoyed a monopoly on express shipment across the state of New York. As an issuer, American Express issues fewer cards in the U.S. than Bank of America, Chase, and Citi do. However, AmEx is larger in terms of volume (dollars processed) because its cardholders spend more on average. As a result, AmEx does more volume than any other domestic card issuer, processing approximately a half-trillion dollars every year (which is appx. 24% of purchases made on charge cards and credit cards). As a company, American Express is one of the largest and most respected within the finance sector. Its stock trades publicly on the NYSE under the symbol “AXP” and has a current market cap of nearly $65 billion. It is one of the elite thirty stocks which make up the Dow Jones Industrial Average and is among the Fortune 100.

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