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Express Profitable Investment Ltd – American Express (Amex) is an American financial institution specializing in payment cards based in New York. It is one of the most important companies in the world and one of the 30 components of the Dow Jones Industrial Average.
The company’s logo, adopted in 1958, is a gladiator or its image that appears on the company’s popular checks, payment and credit cards.
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It is headquartered in the American Express Tower near Battery Park City in Lower Manhattan where it has its own separate offices. They are the largest issuer of traveler’s checks worldwide.
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Founded in 1850 as a mail carrier, the company introduced financial and travel services to customers in the early 1900s. American Express created its first card in 1958, the gold card in 1966, the gre card in 1969, the platinum card in 1984 and the cturion card in 1999. The “Because You Get Out” advertising campaign was introduced in 1975 and has been updated since then. in 2005. In the 1980s, the company invested and trained in the commercial real estate industry, through a stake in Shearson Lehman Hutton.
In the 1990s, they stopped lowering transaction fees for merchants that specifically accepted their cards and expanded their market share through marketing campaigns. They turned into a bank holding company during the financial crisis in 2008. The company opened its airport lounge in 2013.
American Express accounts for 22.9% of all credit card transactions in the country (as of 2016) with 56.4 million cards in circulation, active in the US and 121.7 million cards worldwide (as of 2021).
In 2017, Forbes named American Express the most valuable global financial services brand and 23rd overall with a market value of $24.5 billion.
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In 2020, Fortune magazine ranked the company ninth on its list of the 100 Best Companies to Work For, based on an employee satisfaction survey.
It was founded as a joint venture by merging companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company) and John Wore Butterfield (Wells, Butterfield & Company, first agent in 1850 Butterfield, Vasson & Company).
Wells and Fargo also launched Wells Fargo & Co. in 1852 when Butterfield and other directors opposed a request for the American Express to expand its operations in California. American Express first established its headquarters in a building at the intersection of J Street and Hudson Street in what later became known as the Tribeca section of Manhattan. For many years it enjoyed a monopoly on the movement of cargo information (goods, securities, money, etc.) throughout New York State. In 1874, American Express moved its headquarters to 65 Broadway in what became Manhattan’s financial district, a two-story warehouse.
In 1854 he bought the American Express Co. land on Vesey Street in New York as a site for his stables. The company’s first headquarters in New York was an 1858 Italianate marble palazzo at 55-61 Hudson Street, which had a busy freight line on the ground floor and a railroad from the Hudson River. The barn was built in 1867, five blocks north at 4–8 Hubert Street. The company was successful enough that in 1874 the headquarters were moved from the Transportation District to the new Financial District and to offices in two five-story office buildings at 63 and 65 Broadway that were owned by the Harmony family.
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In 1880, American Express built a new warehouse behind the Broadway building at 46 Trinity Place. The designer is unknown, but it has a brick facade reminiscent of early New York. American Express has long since moved out of this building, but there is still a terra cotta seal with the American Express Eagle.
In the period 1890–91. the company built a new building on the floor of the Edward H. Kdala on the site of its former headquarters on Hudson Street. By 1903, the company had assets of about $28 million, second only to the National City Bank of New York among the city’s financial institutions. To reflect this, the company purchased buildings and locations on Broadway.
At the end of Wells Fargo’s reign in 1914, the powerful new president George Chadbourne Taylor (1868–1923), who had worked at the company for the previous thirty years, decided to build a new capital. The old buildings, designated by the New York Times as “among the oldest landmarks” of Lower Broadway, were not enough to accommodate the rapidly evolving concerns.
After delays due to World War I, the 21-story neoclassical American Express Co. was built. Building 1916-17. designed by James L. Aspinwall, from the firm Rwick, Aspinwall & Tucker, representative of the architectural practice of the distinguished James Rwick Jr. The building was a combination of two former buildings with one address: 65 Broadway. This building was part of the “Express Row” section of lower Broadway at the time. The building completed the continuous wall of its front block and helped transform Broadway into the “canyon” of modern brick buildings common today.
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American Express sold the building in 1975, but continued to operate transit service there. The building has also been home to other prominent companies over the years, including investment bankers J.& V. Seligman & Co. (1940–74), American Bureau of Shipping, Maritime Concern (1977–86), and later J.J. Knee, with Standard & Poor’s, is the latest house to set up a house for itself.
American Express expanded its reach across the country by establishing relationships with other media companies (including Wells Fargo – the representative of the first two companies that merged to form American Express), railroads, and shipping companies.
In 1857, American Express began its expansion into the financial services sector by starting a cash business.
To compete with US Postal Funds. Sometime between 1888 and 1890, J. C. Fargo traveled to Europe and returned frustrated and angry. Despite the fact that he was president of American Express and carried the usual credentials, he found it difficult to get cash anywhere except in the big cities. Fargo turned to Marcellus Fleming Berry and asked him to come up with a better solution than letters of credit. Barry introduced the American Express traveler’s check, which was introduced in 1891 in denominations of $10, $20, $50, and $100.
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Travelers checks established American Express as a truly international company. In 1914, at the start of World War I, American Express in Europe was among the few companies that recognized letters of credit (issued by various banks) held by Americans in Europe, and then other financial institutions refused to help these stranded migrants. The British government appointed the American Express as its official office at the beginning of the First World War. They were to give books, money and relief boxes to British prisoners of war. Their workers went to the camps to collect money for the British and French prisoners and arranged for them to receive the money from home. Until the end of the war, they delivered 150 tons of paper a day to prisoners in six countries.
American Express is one of the administrations that President Theodore Roosevelt made an Interstate Commerce Commission (ICC) investigation during his administration. The ICC’s interest was attracted by its strong control over the railway industry. However, a solution was not immediately available.
The solution to this problem came as something that coincided with other problems during the First World War. In the winter of 1917, the United States was suffering from a coal shortage and on December 26, President Woodrow Wilson ordered the railroads to be moved on behalf of the United States government. federal troops, their supplies and coal. Treasury Secretary William Gibbs McAdoo was assigned the task of assembling railroads for the war. All contracts between publishing companies and railroads were canceled and McAdoo ordered that all existing publishing companies be consolidated into one company to serve the needs of the country. This destroyed the business of American Express and removed it from the interests of the ICC. As a result, in July 1918, a new company called the American Railway Express Company was formed. The new management took control of all the equipment and assets of the existing express companies (the majority stock, 40%, came from American Express, which owned express business rights to 71,280 miles (114,710 km) of rail lines and had 10,000 offices, with over 30,000 employees) . In 1966, American Express introduced the Gold Card.
In 1979, American Express formed a company with Warner Communications, called Warner-Amex Satellite Television, which created MTV, Nickelodeon and The Movie Channel. The partnership only lasted until 1984. The property was later sold to Viacom.
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In the 1980s, American Express began efforts to become a financial services company and made a number of acquisitions, creating an investment banking arm. In mid-1981 he bought the Sanford I. Weill’s Shearson Loeb Rhoades, the second largest securities firm in the United States that founded Shearson/American Express. Sam Shearson Loeb Rhoades is
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