What does American Express mean?
The American Express Company, sometimes known as “AmEx” or “Amex” is a diversified global financial services company with its headquarters in New York City, New York. The company was founded in 1850, and it also has major offices in Phoenix, Arizona; Sydney, Australia; Markham, Canada; Fort Lauderdale, Florida; Greensboro, North Carolina; Salt Lake City, Utah; and Brighton, United Kingdom. American Express became known and is famous for its charge card, credit card and travelers cheque businesses.
The common stock of the company on the New York Exchange trades under the ticker symbol “AXP”, and is one of the 30 components of the Dow Jones Industrial Average.
American express, unlike Visa and MasterCard, issues its own charge and credit cards and is solely responsible for the retailers it deals with.
During the financial crisis of 2008 the company won Federal Reserve System approval to convert to a bank holding company, which made it possible for the company to get government help, due to a program known as the Troubled Assets Relief Program. The American Express Company has total consolidated assets of about $127 billion(2008).