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American Express Files Information on Card Member Loans Held for Sale; January Earnings Call Will Discuss 2016-2017 Outlook
NEW YORK,  January 15, 2016 -- 

Today American Express Company (NYSE:AXP) furnished with the U.S. Securities and Exchange Commission (SEC) its monthly Current Report on Form 8-K containing the delinquency and write-off statistics for the U.S. Card Services operating segment’s Card Member loans held for investment.  During December 2015, the Company reclassified the Card Member loans related to its co-brand partnerships with Costco Wholesale Corporation in the U.S. and JetBlue Airways Corporation to Card Member loans held for sale on the Consolidated Balance Sheets. 

As noted in the filing with the SEC, the sale of the Costco portfolio is subject to the outcome of ongoing discussions.  The current expectation is that the Costco portfolio sale will close mid-year. The sale of the JetBlue portfolio is subject to customary closing conditions, and is expected to be finalized in the first quarter of 2016. 

As previously announced, the Company's financial results for fourth quarter and full-year 2015 are scheduled to be announced shortly after the market closes on Thursday, January 21, 2016. The Company will host a live audio webcast of its earnings conference call at 5:00 p.m. (ET) that day. 

The call will discuss the Company’s 2015 results and 2016-2017 outlook.  It will be hosted by Kenneth I. Chenault, Chairman and Chief Executive Officer, and Jeffrey C. Campbell, Executive Vice President and Chief Financial Officer. 

The live audio webcast will be accessible to the general public through the American Express Investor Relations website at http://ir.americanexpress.com. Earnings presentation materials will be posted on the website prior to the conference call and an audio replay will be available on the website following the call.

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpresslinkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate cardbusiness travel and corporate responsibility.

 


Information Related to Forward-Looking Statements

This release includes forward-looking statements that reflect management’s expectations about future events, including expectations regarding portfolio sales. These forward-looking statements are subject to risks and uncertainties. The words “expect,” “anticipate,” “intend,” “plan,” “will,” “may,” “should,” “could,” “would,” and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, events impacting the likelihood and timing of the completion of the Costco and JetBlue portfolio sales, such as the negotiation and execution of definitive documentation (in the case of the Costco portfolio), operational issues related to the transfer of Card Member loans and accounts, and the parties’ ability to satisfy the closing conditions. A further description of these and other risks and uncertainties can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2015 and the Company’s other reports filed with the SEC.

Contacts

Marina Norville212.640.2832marina.h.norville@aexp.comKen Paukowits212.640.6348ken.f.paukowits@aexp.comToby Willard212.640.5574sherwood.s.willardjr@aexp.com

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