American Express: Integrating Risk into Corporate Strategy
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Case Details:
Case Code : BSTA059
Case Length : 14 Pages
Period : 2004
Organization : American Express
Pub Date : 2004
Teaching Note :Not Available
Countries : Global
Industry : Financial Services
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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American Express (Amex), a diversified financial services company provided a range of financial advisory, brokerage and asset management services. Amex was famous for its charge cards as well as revolving credit cards, which accounted for more than half of its revenue. Warren Buffett's Berkshire Hathaway owned about 11% of American Express. In 2003, Amex recorded sales of $25,866.0 million and a net income of $2,987.0 million.
Amex's travel agency operations, which had more than 1,700 locations in more than 200 countries was the world's largest issuer of travelers checks. Amex had plans to grow its corporate travel management business.
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Amex's financial and marketing subsidiary, American Express Financial Advisors sold life insurance, annuities, investment funds, and financial advisory services. American Express Bank provided financial services to institutions, corporations, and wealthy individuals outside the US.
In 2001, Kenneth Chenault replaced Golub as chairman and CEO. Amex was hit hard that year by bad investments in below-investment grade bonds by its money-management unit, which reduced earnings by about $1 billion. Adding to its woes was the September 11 terrorist attack.
In line with its plans to expand globally, Amex had plans to acquire London-based Threadneedle Asset Management Holdings Ltd. from Zurich Financial Services Group. Threadneedle would retain its name...
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