American Express Company · NYSE:AXP
American Express — Investor Day (February 2013)
79 slides from American Express's investor day presentation, Feb 6, 2013
Slide 1: American Express Company Financial Community Meeting
American Express Company Financial Community Meeting Kenneth Chenault Chairman and Chief Executive Officer Stephen Squeri Group President, Global Corporate Services February 6, 2013
Slide 2: Agenda
Agenda Year-to-Date Financial and Business Performance Current and Future Growth Drivers Short-Term Perspective Operating Expenses Q&A 2
Slide 3: Financial Performance
Financial Performance $ in billions; except per share amounts 2011 2012 Total Revenues Net of Interest Expense $30.0 $31.6 Growth vs. Prior Year 9% 5% FX Adjusted Growth vs. Prior Year† 7% 6% Income from Continuing Operations $4.9 $4.5 Diluted EPS from Continuing Operations * $4.09 $3.89 Adjusted Di
Slide 4: Metric Trends
Metric Trends % increase/(decrease) vs. prior year Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Billed Business* 11% 12% 7% 6% 8% Billed Business FX Adjusted** 11% 13% 9% 8% 7% Total Cards In Force 7% 7% 6% 6% 5% Cardmember Loans 3% 4% 4% 6% 4% Worldwide Lending 2.3% 2.3% 2.2% 1.9% 2.0% Write-off Rate† *Card bille
Slide 5: Billed Business Growth by Region
Billed Business Growth by Region % increase/(decrease) vs. prior year: 20% 15% 11% 10% 10% 7% 5% 5% 0% Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 US EMEA (FX Adj)* JAPA (FX Adj)* LACC (FX Adj)* Total (FX Adj)* *See Annex 3 for reported billings growth rates. 5
Slide 6: AXP Share of U.S. Charge/Credit Purchase Volume
AXP Share of U.S. Charge/Credit Purchase Volume 26.3% 26.5% 25.4% 23.7% 24.0% 23.8% 23.0% 22.2% 21.2% 20.6% 20.4% 19.9% 19.9% 19.5% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q3'12 SOURCE: The Nilson Report. General Purpose Charge and Credit. Excludes cash advances. 6
Slide 7: AXP Share of U.S. Purchase Volume
AXP Share of U.S. Purchase Volume Share of Credit Spend Share of Credit & Debit Spend 26.5% 26.2% 15.5% 14.9% Q3'11 YTD Q3'12 YTD Q3'11 YTD Q3'12 YTD Source: The Nilson Report. Excludes cash advances. Debit spend includes Visa & MasterCard debit volumes. 7
Slide 8: Full Year 2012 Volumes - Relative Performance
Full Year 2012 Volumes - Relative Performance Total Billed Business Ending Loans $ in billions $ in billions Growth Growth vs. PY 8% 11% 2% 1% 34% 5% (2%) (3%) (7%) 41% 4% 6% vs. PY Ex. Acq 13%† Ex. Acq 0% † $888 $150 $128 $95 $92 $381 $363 $65 $50 $194 $181 $105 AXP JPM* Citi-Global BofA** Cap One†
Slide 9: Dependency Upon Balance Transfer Offers
Dependency Upon Balance Transfer Offers % of Offers With 0% Intro Rate on Balance Transfers 73% 8% AXP Industry (excl. AXP)* Source: Comperemedia. Represents mail volume in 2012 that had an introductory offer of 0% for balance transfers. Based on a sample of 3,000 U.S. households. Mailings include c
Slide 10: 2012 Revenue Growth vs. Issuing Competitors
2012 Revenue Growth vs. Issuing Competitors FY'12 % increase/(decrease) vs. prior year: 27% 8% 5% (2%) (3%) (16%) CapitalOne* Discover** AXP JPMorgan Citi BofA*** Source: Company Reports. Note: Issuing Competitors reflect rewards costs as a contra revenue item whereas the majority of AXP membership
Slide 11: 2012 Credit Reserve Release as % of Reported Net Income
2012 Credit Reserve Release as % of Reported Net Income 31% 29% 26% 13% 6% AXP Citi JPMorgan BofA* Discover** Reported $4.5B $5.1B $3.3B $4.1B $2.3B Net Income SOURCE: Company Reports, net income from continuing operations for AXP and Discover, card segment net income for all others. Assumes a 35% t
Slide 12: AXP Lending Net Write-off Rates vs. Competitors
AXP Lending Net Write-off Rates vs. Competitors 5.6% 5.7% 4.5% 4.3% 4.3% 4.3% 4.2% 3.5% 3.2% 2.3% 2.3% 2.0% Q4'11 Q4'12 AXP* Discover** JPMorgan Cap One† Bank of Citi-Global America†† *Rates include principal only. See Statistical tables in Q4'12 Earnings Release for net write-off rates including in
Slide 13: Total Operating Expense Growth
Total Operating Expense Growth % increase/(decrease) vs. prior year YoY Opex Growth 21% 21% YoY Rev Growth YoY Adj Opex Growth* 19% 10% 12% 7% 5% 4% 5% 0% 3% 4% (2%) 2% (4%) (4%) Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Note: Operating Expense includes salaries and employee benefits, pr
Slide 14: Marketing and Promotion Expense
Marketing and Promotion Expense Marketing and Promotion Expense as % of Managed Revenue* 11.4% 9.3% 8.3% 10.0% 9.5% 9.7% 9.7% 9.2% 8.3% 8.9% 7.4% 2007 2008 2009 2010 2011 2012 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Note: Beginning in 2011, the Company reclassified certain contractual payments to partners as
Slide 15: U.S. Card Industry Mail Volume Trends
U.S. Card Industry Mail Volume Trends Total Mail Volume (MM) 1,378 1,301 1,263 818 830 783 760 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Source: Comperemedia. Based on a sample of 3,000 U.S. households. Mailings include charge, acquisition and cross-sell mailers, exclude Corporate, retail and loyalt
Slide 16: Peer Issuer Expense Growth Trends
Peer Issuer Expense Growth Trends Operating and Marketing Expense, Year over Year Growth 36% 27% 23% 20% 16% 13% 9% 5% 1% 0% 2011 2012 (2%) (8%) AXP (Adj)* BofA** Citi*** JPMorgan CapitalOne † Discover†† Note: Operating and Marketing Expense reflects total expenses excluding provision and interest e
Slide 17: Agenda
Agenda Year-to-Date Financial and Business Performance Current and Future Growth Drivers Short Term Perspective Operating Expenses Q&A 17
Slide 18: 2007 vs. 2012 Revenue Mix
2007 vs. 2012 Revenue Mix Net Interest 19% 15% Income 29% Other Non- 30% Interest Income* 56% Discount Revenue 51% 2007 2012 *Other Non-Interest Income represents net card fees, travel commissions and fees, other commissions and fees and other revenue. In 2012, the Company revised the income stateme
Slide 19: Revenue Mix: Discount Revenue Growth Prospects
Revenue Mix Growth Prospects Discount Revenue Discount Revenue 56% Volume and Share Gains & Premium Position International & B2B Plastic Penetration GNS Billings Growth Online Spend Footprint & Growth Prepaid & SERVE 2012 Value to Merchants 19
Slide 20: Revenue Mix: Other Non-Interest Income Growth Prospects
Revenue Mix Growth Prospects Other Non-Interest Other Non-Interest Income 29% Income* Annual Card Fees GNS Revenues New Business Initiatives Prepaid & SERVE Discount Revenue Loyalty Partner 56% 2012 *Other Non-Interest Income represents net card fees, travel commissions and fees, other com
Slide 21: Revenue Mix: Net Interest Income Growth Prospects
Revenue Mix Growth Prospects 15% Net Interest Income Net Interest Income Premium Lending Opportunities Other Non-Interest Prepaid & SERVE 29% Income* Discount Revenue 56% 2012 *Other Non-Interest Income represents net card fees, travel commissions and fees, other commissions and fees and other r
Slide 22: Revenue Mix
Revenue Mix Growth Prospects 15% Net Interest Income 29% Other Non-Interest Income* Discount Revenue 56% 2012 *Other Non-Interest Income represents net card fees, travel commissions and fees, other commissions and fees and other revenue. 22
Slide 23: High Spending Cardmembers
High Spending Cardmembers Q3'12 Trailing 12 Months – Worldwide Average Cardmember Spend $15,550 $11,213 $3,751 $3,063 2012 AXP - Proprietary Cards AXP - Total Visa MasterCard Note: Calculated using a five point average of worldwide total basic cards in force for AXP and credit card and charge accoun
Slide 24: High Spending Cardmembers
High Spending Cardmembers Q3'12 vs. Q3'07 Trailing 12 Months – Worldwide Average Cardmember Spend $15,550 $11,866 $11,213 $9,667 $3,751 $2,713 $3,063 $2,204 2012 2007 AXP - Proprietary Cards AXP - Total Visa MasterCard Note: Calculated using a five point average of worldwide total basic cards in for
Slide 25: Clinton-Era Tax Increases
Clinton-Era Tax Increases Income Tax Increase 14% 13% 10% 7% 1992 1993 1994 1995 AXP U.S. Billed Business 25
Slide 26: More Diversified Spend Profile
More Diversified Spend Profile $ in billions $888 CAGR $647 2007 2012 % Billings from GNS 8% 15% % Billings from International 29% 34% Travel & Entertainment 34% 30% 26
Slide 27: International Business Operations Performance
International Business Operations* Performance Billed Business Revenue Fx adjusted % increase/(decrease) vs. prior year Fx adjusted % increase/(decrease) vs. prior year ($ in billions) ($ in billions) 10%** 5%** $298 $9.0 $9.5 $271 2011 2012 2011 2012 *International represents the sum of the Europe,
Slide 28: 2012 Performance: Customer Acquisition
2012 Performance: Customer Acquisition New Accounts Acquired by Product Type New First Year Spend* by Product Type YOY Growth YOY Growth 9% 21% 17% 13% (3%) 5% 2011 2012 Cards Acquired in 2011 Cards Acquired in 2012 Charge Co-Brand Prop Lending Includes customers acquired in the USCS, ICS and GCS se
Slide 29: Small Business Performance
Small Business Performance U.S. Billed Business Int’l Billed Business Indexed to 2010 Indexed to 2010 +13% CAGR +9% CAGR 127 114 120 111 100 100 2010 2011 2012 2010 2011 2012 % of BB 77% 77% 78% 93% 94% 95% on charge 29
Slide 30: Global Corporate Payments
Global Corporate Payments Annual New Booked Charge Volume* +14% CAGR 2009 2010 2011 2012 *Booked charge volume from new clients or the expansion of existing client relationships tracked for 13 months, starting with the month when the first dollar was billed. 30
Slide 31: Online Commerce – AXP Global Online Spend
Online Commerce – AXP Global Online Spend* Estimated Spending: Full Year Online Spend $152B+ 2011 2012 *Primarily includes spending at pure online merchants and spending through known online channels. 31
Slide 32: AXP Digital Highlights
AXP Digital Highlights Pay with Points redeemed: Cumulative AXP Mobile 155B in 2012 App downloads: vs. 5M 138B in 2011 Registered Card % of Total Payments enrollments: Received Electronically: 3M+ CM enrollments 80%* for our digital marketing offers during 2012 *Electronic includes payments received
Slide 33: Revenue Mix
Revenue Mix Growth Prospects 15% Net Interest Income 29% Other Non-Interest Income* Discount Revenue 56% 2012 *Other Non-Interest Income represents net card fees, travel commissions and fees, other commissions and fees and other revenue. 33
Slide 34: Enterprise Growth Group - Metric Trends
Enterprise Growth Group - Metric Trends Figures in millions; sequential growth rates Enterprise Growth Customers* Trans. Volume** $600 3.1 2.1 1.5 $300 1.0 0.6 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q3'12 Q4'12 *Enterprise Growth Customers include General Purpose Reloadable cards, travel cards, Serve, Vente-
Slide 35: Bluebird
Bluebird r) “ u 4 a x u 4 rt 4 ry u = < =. Bluebird Loaded with features. Not fees. e Checking & Debit Alternative BYAMERICAN EXPRESS
Slide 36: Bluebird Update
Bluebird Update Bluebird Data Points Economic Drivers 575k+ accounts Added $275MM in funds to date 85% enrollees new to AXP Franchise ~45% enrollees under age 35 ~30% funded via Employer Direct Deposit 36
Slide 37: Bluebird
Bluebird r) “ u 4 a x u 4 rt 4 ry u = < =. Bluebird Loaded with features. Not fees. e Checking & Debit Alternative BYAMERICAN EXPRESS
Slide 38: Loyalty Partner Update
Loyalty Partner Update Customers (Collectors) Economic Drivers ~34MM ~47MM ~50MM +47% Mexico Mexico India India India Poland Poland Poland Germany Germany Germany Oct'11 Oct'12 Dec'12 * Includes commissions earned from online coalition partners driven by Payback customer purchases on the partner’s w
Slide 39: Loyalty Partner: 2012 Digitization
Loyalty Partner: 2012 Digitization Viewed eCoupons Activated eCoupons Redeemed eCoupons ~250 MM ~50 MM ~8.5 MM Point of Sale Redemption Rate 3% Payback Email website marketing Mobile app Note: Data collected in the German market from January-October of 2012. 39
Slide 40: Loyalty Partner
Loyalty Partner nove °PAYBACK O0O® O@®e OO® 40
Slide 41: Slide 41
Slide 42: Agenda
Agenda Year-to-Date Financial and Business Performance Current and Future Growth Drivers Short Term Perspective Operating Expenses Q&A 42
Slide 43: AXP Financial Targets
AXP Financial Targets On average and over time: Revenue EPS ROE 8% + 12-15% 25% + 43
Slide 44: 2010-2012 Performance Against Financial Targets
2010-2012 Performance Against Financial Targets $ in billions; except per share amounts 2010 2012 '10-'12 CAGR Total Revenues Net of Interest Expense $27.6 $31.6 Adjusted Diluted EPS* $3.40 $4.40 2 Yr. Avg. Return on Average Equity 28% 23% 25% Adjusted Return on Average Equity** 26% 27% P&L Benefits
Slide 45: AXP Financial Targets
AXP Financial Targets On average and over time: Revenue EPS ROE 8% + 12-15% 25% + 45
Slide 46: Historical Billings Performance vs. GDP
Historical Billings Performance vs. GDP '94- '11 Average Annual Growth Rates (excluding '08- '09) AXP U.S. Billings Multiplier ~13% ~2.5x ~4.5x 5% 3% AXP U.S. Billed Business Growth Nominal U.S. GDP Growth Real U.S. GDP Growth Source: Bureau of Economic Analysis (bea.gov). Note: AXP U.S. Billed Busi
Slide 47: Expense to Revenue Ratio
Expense to Revenue Ratio Adjusted Expenses as % of Managed Revenue* 81% 74% 75% 73% 73% 71% 71% 70% 67% 71% 64% 64% Adj. 70% Adj 2007 2008 2009 2010 2011 2012 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Note: Beginning in 2011, the Company reclassified certain contractual lump sum payments to partners as either c
Slide 48: Strong Capital Position
Strong Capital Position 2012 Payout Ratio: 98% 12.3% 11.9% 2011 Tier 1 Capital Balance Sheet Dividends Share 2012 Tier 1 Common Ratio Generated Growth/Other Repurchases Common Ratio Note: Payout Ratio is calculated by dividing the total amount returned to shareholders through dividends and share rep
Slide 49: Slide 49
Slide 50: Potential Slow Growth Scenarios
Potential Slow Growth Scenarios Scenario 1 – Contribution to EPS Growth 700bps (200bps) 500bps 12% (300bps) 5% Revenue OPEX M&P/Rewards Provision/Credit Share EPS Repurchase 50
Slide 51: Potential Slow Growth Scenarios
Potential Slow Growth Scenarios Scenario 2 – Contribution to EPS Growth 500bps (200bps) 400bps 9% (300bps) 5% Revenue OPEX M&P/Rewards Provision/Credit Share EPS Repurchase 51
Slide 52: Potential Slow Growth Scenarios
Potential Slow Growth Scenarios Scenario 3 – Contribution to EPS Growth 600bps 15% 700bps (200bps) (300bps) 7% Revenue OPEX M&P/Rewards Provision/Credit Share EPS Repurchase 52
Slide 53: Slide 53
Slide 54: Expense Balance
Expense Balance Adjusted Total Expense as a % of Managed Revenue* 74% 75% 71% 67% 64% 64% 10% Marketing & 11% 9% 9% Promotion 8% 7% 20% 23% 21% 19% 16% 17% Adjusted CM Rewards & Services* Adjusted Opex* 39% 40% 40% 43% 42% 40% 2007 2008 2009 2010 2011 2012 *Adjusted Total Expenses, Adjusted Cardmemb
Slide 55: Adjusted Total Operating Expenses
Adjusted Total Operating Expenses* 2009-2012 FX Adjusted to 2011 Rates*** '09-'11 '11 –'12 $ Billions CAGR YOY $12.5 7% $12.8 3% $11.7 Occupancy & $11.0 Equipment, Communications, 1% 8% Adj. Other, Net** Professional Services 10% 1% Adjusted Salaries & 9% 1% Benefits** 2009 2010 2011 2012 *Adjusted
Slide 56: Adjusted Total Operating Expenses
Adjusted Total Operating Expenses* 2009-2012 FX Adjusted to 2011 Rates*** '09-'11 '11 –'12 $ Billions CAGR YOY $12.5 7% $12.8 3% $11.7 $11.0 Global Services Group (2%) (2%) Technology Development 18% 3% Adjusted Other Opex** 6% 3% Investment Opex 29% 14% 2009 2010 2011 2012 See Glossary of Selected
Slide 57: Operating Expense Growth Targets – Feb 2012
Operating Expense Growth Targets – Feb 2012 2009-2011 CAGR 2-3 Year (Fx Adj)** Target Revenue 4% Adj. Total Operating Expense* > Revenue Growth < Revenue Growth Global Services Group (2%) Flat to 2% Technology Development Spending 18% Flat to 2% Investment Opex - Sales Force, New Business Initiative
Slide 58: 2012 Performance
2012 Performance 2011-2012 2009-2011 CAGR 2-3 Year YOY Growth (Fx Adj)** Target (Fx Adj)** Revenue 4% 6% Adj. Total Operating Expense* > Revenue Growth < Revenue Growth 3% Global Services Group (2%) Flat to 2% (2%) Technology Development Spending 18% Flat to 2% 3% Investment Opex - Sales Force, New
Slide 59: Restructuring Overview
Restructuring Overview $400 Estimated million 5,400 charge in in job Q4 2012 reductions 59
Slide 60: Restructuring Overview
Restructuring Overview Net Headcount Reductions Just over 80% of the headcount reductions are in: – Global Services – Travel Businesses – Staff Functions U.S. and International impact is proportional to AXP employee base 60
Slide 61: Global Services
Global Services Technologies World Service Global Credit Administration Global Business Services 61
Slide 62: Global Servicing Network
Global Servicing Network First Call Call Handling Time 19% Improvement Resolution Reduction in 13 seconds >82% Servicing Sites 62
Slide 63: Global Services
Global Services Technologies World Service Global Credit Administration Global Business Services 63
Slide 64: Global Services Productivity
Global Services Productivity Indexed to 2009 35% Recommend to Friend 30% (U.S.) 25% Transactions 20% Cards in Force 15% 10% 5% 0% Global Services Group (5%) Operating Expenses (10%) (Fx Adj) * 2009 2010 2011 2012 Note: See Glossary of Selected Terminology for the definitions of certain key terms. *
Slide 65: Travel Businesses
Travel Businesses Create an optimal travel servicing network to better meet the needs of our clients Invest in new capabilities to serve our customers more effectively and efficiently 65
Slide 66: Staff Group Functions
Con icati S COMMUNICATIONS Structural Efficiencies
Slide 67: Operating Expense Growth Targets – Feb 2012
Operating Expense Growth Targets – Feb 2012 2-3 Year Target Total Operating Expense < Revenue Growth Global Services Group Flat to 2% Technology Development Spending Flat to 2% Investment Opex Flexible; - Sales Force, New Business Initiatives, Acquisitions & GNS Tied to Revenue Generation - Regulato
Slide 68: Operating Expense Growth Target
Operating Expense Growth Target 7% 3% <3% 2009-2011 CAGR 2011-2012 2013 & 2014 (Fx Adj)* YOY Growth Annual Target (Fx Adj)* * See Slide 55 for an explanation of FX adjusted information and Annex 8 for growth rates on a GAAP basis. 2009 to 2011 CAGR has also been adjusted for the settlement proceeds
Slide 69: Slide 69
Slide 70: Annex 1: Adjusted Diluted EPS Reconciliation
Annex 1 Adjusted Diluted EPS Reconciliation 2010 2012 Diluted EPS on a Net Income Basis, Attributable to Common Shareholders $3.35 $3.89 Q4'10 Restructuring Charge* $0.05 Q4'12 Restructuring Charges* $0.25 Q4'12 Membership Rewards Estimation Process Enhancement Expense* $0.19 Q4'12 Cardmember Reimbu
Slide 71: Annex 2: Adjusted Return on Average Equity
Annex 2 Adjusted Return on Average Equity 2012 ($ in millions) GAAP Net Income $ 4,482 (A) Adjustments for Q4'12 Charges (After-Tax) Restructuring Charges $ 287 Membership Rewards Estimation Process Enhancement Expense $ 212 Cardmember Reimbursements $ 95 Adjusted Net Income $ 5,076 (B) GAAP Average
Slide 72: Annex 3: Region Billed Business Reported & FX Adjusted
Annex 3 Region Billed Business - Reported & FX Adjusted* % increase/(decrease) vs. prior year: Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 EMEA Reported 4% 13% 23% 15% 4% 4% (4%) (4%) 5% FX Adjusted 10% 10% 11% 8% 4% 6% 4% 3% 5% JAPA Reported 29% 28% 36% 31% 18% 22% 10% 8% 11% FX Adjusted
Slide 73: Annex 4
Annex 4 ($ in millions) Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 GAAP Total Operating Expenses $2,685 $3,195 $2,752 $2,915 $3,100 $3,197 $3,110 $3,210 $3,052 $3,798 Visa/MasterCard Settlement Payments 220 220 220 220 70 70 Q4'12 Charges: Restructuring Charges* (400) Cardmember Rei
Slide 74: Annex 5
Annex 5 ($ in millions) 2007 2008 2009 2010 2011 2012 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 GAAP Total Revenues Net of Interest Expense $27,462 $28,227 $24,336 $27,582 $29,962 $31,582 $7,742 $7,614 $7,965 $7,862 $8,141 Securitization Adjustments: Discount revenue, net card fees and other 310 400 331 NA NA N
Slide 75: Annex 6
Annex 6 ($ in millions) Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 GAAP Total Revenues Net of Interest Expense $7,742 $7,614 $7,965 $7,862 $8,141 Q4'12 Charges: Cardmember Reimbursements* 93 Managed Total Revenues Net of Interest Expense $7,742 $7,614 $7,965 $7,862 $8,234 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 GAAP Total
Slide 76: Annex 7
Annex 7 ($ in millions) 2007 2008 2009 2010 2011 2012 GAAP Total Revenues, Net of Interest Expense $27,462 $28,227 $24,336 $27,582 $29,962 $31,582 Securitization Adjustments: Discount revenue, net card fees and other 310 400 331 NA NA NA Interest income 3,130 3,512 3,097 NA NA NA Securitization inco
Slide 77: Annex 7 (Continued)
Annex 7 (Continued) 2007 2008 2009 2010 2011 2012 GAAP Marketing and Promotion Expense $2,630 $2,513 $2,010 $3,147 $2,996 $2,890 GAAP Marketing & Promotion Expense / GAAP Total Revenues Net of Interest Expense 10% 9% 8% 11% 10% 9% GAAP Marketing & Promotion Expense / Mgd Total Revenues Net of Intere
Slide 78: Annex 8
Annex 8 '09 - '11 CAGR '11 - '12 YoY FX Adjusted† GAAP Basis FX Adjusted† GAAP Basis Total Operating Expense* 7% 12% 3% 10% Salaries & Benefits** 9% 11% 1% 6% Professional Services 10% 11% 1% 0% Occupancy & Equipment, Communicatons and Other, Net* 1% 14% 8% 31% Global Services Group (2%) (1%) (2%) (
Slide 79: Glossary of Selected Terminology
Glossary of Selected Terminology Cards-in-force – Represents the number of cards that are issued and outstanding. This includes basic and supplemental cards issued and outstanding within our proprietary and non-proprietary portfolios, except for retail co-brand cardmember accounts which have no ou
American Express Company — Investor Day (February 2013) on 6ix