AMERICAN EXPRESS COMPANY (NYSE:AXP) Files An 8-K Regulation FD DisclosureItem 7.01
Regulation FD Disclosure
The following information is furnished under Item 7.01 – Regulation FD Disclosure:
During the first quarter of 2018, we announced organizational changes that combined our U.S. and International consumer businesses into a global consumer services organization, and combined our merchant and network-related businesses, among other changes. Our financial disclosures will reflect these organizational changes starting in the second quarter of 2018, which is consistent with when our executives began to review financial information aligned to the new segments. Our new reportable operating segments are as follows:
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Global Consumer Services Group (GCSG), which primarily issues a wide range of proprietary consumer cards globally. GCSG also provides services to consumers, including travel services and non-card financing products, and manages certain international joint ventures and our partnership agreements in China. |
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Global Merchant and Network Services (GMNS), which operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, services and data analytics, leveraging our global integrated network. GMNS enters into partnership agreements with third-party card issuers and acquirers, licensing the American Express brand and extending the reach of the global network. GMNS also manages loyalty coalition businesses in certain countries around the world and our reloadable prepaid and gift card businesses. |
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Global Commercial Services (GCS), which primarily issues a wide range of proprietary corporate and small business cards and provides payment and expense management services globally. In addition, GCS provides commercial financing products. |
Certain preliminary financial and other information reflecting the realignment of our segments is attached to this report as Exhibit 99.1 and is incorporated herein by reference. Such information is being furnished in order to assist investors in understanding how our business segment results would historically have been presented had such results been reported to reflect the manner in which our business segments are managed effective for the second quarter of 2018. Such information does not represent a restatement of previously-issued consolidated financial statements, but rather represents a reclassification among our segments, and does not affect reported net income, earnings per share, total assets, stockholders' equity or regulatory capital for any of the previously reported periods.
EXHIBIT
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AMERICAN EXPRESS CO ExhibitEX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 EXHIBIT 99.1 Global Consumer Services Group (Preliminary) Selected Income Statement and Statistical Information (Millions,…To view the full exhibit click here
About AMERICAN EXPRESS COMPANY (NYSE:AXP)
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS). The USCS segment includes the U.S. Consumer Card Services business and travel services in the United States. The ICNS segment includes the International Consumer Card Services business, Global Network Services (GNS) business and travel services outside the United States. The GCS segment includes the Global Corporate Payments (GCP) business, small business services businesses in the United States and internationally, merchant financing products and foreign exchange services operations. The GMS segment includes the Global Merchant Services business and global loyalty coalition businesses.