American Express Company (AXP) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic framework and organizational focus

• Introduced a clear, one-page strategic framework in 2018 to focus on premium consumers, commercial leadership, global network expansion, and leveraging international presence, with a recent addition to reimagine customer and colleague experiences.

• Emphasizes the importance of organizational alignment and communication, regularly updating the framework to adapt to changing technology and market needs.

Capital allocation and investment approach

• Gains from asset sales, such as the Amex GBT stake, are typically reinvested in technology, card acquisition, and operational efficiencies, with some returned to shareholders.

• Investment decisions depend on business momentum and capacity to deploy capital effectively; recent gains are not included in current guidance.

Consumer trends and card performance

• Consumer spending and credit metrics remain healthy, with stable delinquencies and strong premium card acquisition.

• Airline spending rebounded with 9% growth in April, and travel bookings hit record levels.